A Balanced Market A Win/Win For Both Buyer's And Seller's

As inventory increased in June, market balances. A balanced market provides benefits to both buyers and sellers.

 

By having a balanced market situation

 

Buyers have more time to look at prospective properties and are more likely to pay fair market value for these properties, as opposed to a seller’s market where buyers may enter a multiple offer situation and are more rushed to make a decision that usually leads to a higher price paid for property.

 

Seller's have the benefit of getting the right price for their home and have it sold in a reasonable time frame, as opposed to a buyer’s market where the sale of your home can be a much longer process and seller's tend to get less than market value for their home.  

The Following Article provided by the Ottawa Real Estate Board Provides June stats to prove a Balanced Market



Inventory Increases, Market Balances in June [2010]

July 6, 2010 : Inventory Increases, Market Balances in June [2010]

Members of the Ottawa Real Estate Board sold 1,615 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,897 in June 2009, a decrease of 14.9 per cent.

Of those sales, 418 were in the condominium property class, while 1,197 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“For the first time in 2010, inventory increased year-over-year in June, by almost six per cent. The Ottawa housing market is now moving towards balance, rather than the seller’s market we have been in for most of the past year,” said Board President Pierre de Varennes. “Sales last month were very close to the five-year average for June, so what we see here is a return to the stable, steady market conditions that Ottawa tends to experience. Home sale prices continued to grow at a healthy rate in June,” he added.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $326,572, an increase of 6.4 per cent over June 2009. The average sale price for a condominium-class property was $256,969, an increase of 8.3 per cent over June 2009. The average sale price of a residential-class property was $350,878, an increase of 7.4 per cent over June 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

 This article courtesy of the Ottawa Real Estate Board.

 

Ryan Philippe

Ryan Philippe

Sales Representative
CENTURY 21 Action Power Team Ltd., Brokerage*
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