In September 2015 Members of the Ottawa board sold 1,244 residential properties. Is that number significant? It sure is! Last year we only managed to sell 1,131 units and the September 5 year average is 1,137. So the number of homes sold this September is 10% higher than last year and the 5 year average. That's a continuation of a really solid upward trend since the doldrums of the spring 2015 market. Not all areas of the market however are selling well.
The condo market continues to drag with only 221 sold at an average price of $257,303. This may be the result of less big new projects being posted on the MLS. Last year more new building sales posted on the system may have skewed the real sales values for resale condominiums.
Single family homes under $400,000 continues to lead the way in number of sales and market value increase! The average sale price for non condominiums was $385,142, a 0.5% increase over last year. Not a bad trend.
The number of days that it takes to sell a residential property in Ottawa however continues a slightly upward trend. It now takes on average 93 days to sell your home. This statistic, though valid, may be the result of many homes in poor condition or over priced taking far too long to sell bringing up the average Days on market statistic. There are still bidding wars on homes and homes selling the day of listing. There are also many over priced homes and poorly represented homes taking forever to sell on the MLS which could result in the growing length of time to sell in Ottawa,
The good thing to take out of all of this is that the Ottawa housing market is healthy with prices still increasing. The thing to be wary of is over pricing your home. You also need to fix the flaws before allowing your home to be exposed to the market as buyers are super fussy these days and will not buy a home needing work.
If you are thinking of buying now is the time! With prices still rising and as of this month inventory dropping by 4% waiting could prove costly. Take advantage of the strength that buyers have now in this market before the tables turn and we go back into the sellers market that we had just a few short years ago.
Why wait for spring?? I agree.