Beware of Statistics

Although news releases have been very positive, be careful of your real estate expectations and be sure to check the statistics for your own market.  The Ottawa Real Estate Board recently released the 2009 statistics. In their press release they detailed a record year in sales volume and price increases.  "the total number of residential properties sold in 2009 was 14,742, up 7.4 % over 2008 and setting a new record.  The average price for all of 2009 was $303,888 an increase of 4.9 % over 2008." 

The danger for any seller is thinking in averages compiled for a large market.  I just ran the statistics for Carp - the community that I live and work in.  Although Carp is part of the Ottawa market the statistics look much different.  Based on the chart below you will see that sales volume was actually down 43% the lowest volume in 5 years.  Prices were on the rise with increases over the Ottawa average.

These statistics could be further analyzed with bungalows vs. 2 storeys, older homes vs. new, acreage vs. Village - it all depends on your property.  Make sure your real estate agent gathers all of the pertinent information you require before making a pricing decision on your home. 

A well listed home is a well sold home.

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