September sales historically on track in Ottawa
"There has been a lot of attention recently on the need to "cool" the real estate market across the country," said Ottawa Real Estate Board President, Ansel Clarke. "While there may be a need in some areas, we emphasize that real estate is local, and conditions and prospects will vary among major market areas and indeed within market areas. Historically the Ottawa housing market has not experienced volatility in prices or number of units sold."
"While average price information does not indicate the value of a specific property, it is useful to identify trends," continued Mr. Clarke. "Since 1956 the average price in the Ottawa area has decreased only five times year over year and has increased by 15 per cent or more only five times as well. The Ottawa market can be characterized as stable and steady although there are pockets of our market area where we see larger increases in price."
"As for the number of sales, we are on track this year to match historical levels of activity. Since 1999 the number of sales through the MLS® System in Ottawa has ranged from a low of 11,329 to a high of 14,783. Sales for the first nine months of the year are just under 11,700."
New mortgage rules and continuing uncertainty about job losses in the public service may have contributed to recent decreases in the number of sales through the MLS® System of the Ottawa Real Estate Board. Members sold 993 units in September 2012, down from a near record high of 1,201 in September 2011. The average price of properties sold for the month was $351,585, up from $347,236 last month and $335,623 in September 2011.
"Some buyers are deferring their decision to purchase until their employment status is clearer. Meanwhile, sellers will want to ensure that their properties are priced appropriately. We encourage buyers and sellers to talk to their Ottawa and area REALTOR® for more information about the housing market outlook where they live, or want to live," concluded Mr. Clarke.
I agree with Mr. Clarke's assesment of the the Ottawa Market. While we have seen the number of homes sold decline slightly, prices have for the most part held their own. If you are thinking of selling a home today you will need to consider pricing very carefully and be competitive with comparable homes on the market in your area. You should also expect a longer time to market the homes. Buyers are being more cautious and there is less pressure to "buy now or miss out". Interested on a detailed analysis of your home let us know we would be happy to provide you with an in-depth, personal market evaluation.
Thinking of buying, now could be an excellent opportunity. As the market seasonally slows during the winter months, homes that are currently on the market are probably priced to sell. In the New Year, new prices will be offered and historically they will be higher than prices of homes listed today. We also still have unbelievably low interest rates and even with the tightening of the Mortgage rules there are excellent financing options available to home buyers at very attractive rates. Thinking of buying call us we will be happy to consult with you on the process of buying a home and have many excellent resources to assist you.
Two excellent reports that are supplied by the Ottawa Real Estate Board are included here to assist you in understanding the Ottawa Real Estate Market. The first is the Year over Year report showing average sale price increases from 1956 to 2011 and the second is the Residential Sales Summary showing a break down of month sales, sales volume and average sale price by month. This second document is very helpful in showing the consistency of the Ottawa Market and how year over year market is very similar. The first document clear shows how consistent the market has been and what an excellent investment Ottawa Real Estate is.