Here is the latest real estate update for the Ottawa Real Estate Board.
We have a very interesting market right now. For the first time in a long time sales last month dropped compared to this time last year. However, it is not uniform and some areas are doing very well.
February brought good news and bad news.
The bad news: Sales across the Board dropped 2.3% last month and this is continuing into this month as well. This is very unusual for the Ottawa area and points to very low inventory with very few homes going on the market. The good news is that the 979 sales last month are still higher than the 5 year average of 922 sales, so while not as good as last year sales it is still ahead of past years.
With inventory so low for the first time in recent memory, people are not putting their homes on the market until they find one and others are choosing to wait it out as they don’t see anything they want- this is reducing the number of potential buyers as well.
The good news: The low inventory is pushing prices higher as buyers have less to choose from and in some parts, especially the west end of Ottawa, we are seeing bidding wars.
If you are thinking of selling now is a good time to take advantage of what is turning in to be a rare “Seller’s Market” where buyers have to compete for fewer properties and as a result prices are moving upwards. If you are thinking about buying there is a strong possibility that you will pay more the longer you wait.
From Ottawa Boards statistics we can see that:
- 979 residential properties sold in February through MLS® System, compared with 1,002 in February 2017, a decrease of 2.3 per cent. February’s sales included 250 in the condominium property class and 729 in the residential property class.
- The average sale price of a residential-class property sold in February in the Ottawa area was $429,600, an increase of 2.7 per cent over February 2017. The average sale price for a condominium-class property was $273,174, an increase of 5.6 per cent from February 2017.
- The most active price point in the residential market continues to be the $300,000 to $449,999 range, accounting for 47 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 56 per cent of the market.
- “Ottawa is beginning to experience similar indicators that have ultimately led to challenging real estate markets in our larger metropolitan cities. It starts with supply shortages which eventually lead to affordability issues.” (R Shaw, Board President)
Once again, I have posted the sales statistics for a number of rural and urban communities on our web site. All of this information can be found HERE.
B) We are also starting a new series of short videos called “Just A thought”. Someone mentioned to us that with Bev’s almost 6 years in real estate and my close to 20 years of experience that we could help people by just answering some of the everyday questions that we get from both buyers and sellers. We have posted two of them on our web site under the “Just A Thought Tab”. More will be added as we go, hopefully once or twice a week. If you have suggestions, send us your questions and we will see what we can do. The Videos are found HERE.
You can send them to BeardsleyTeam@outlook.com
C. If you are transferred or if you know of any military or RCMP moving out of Ottawa or being sent to Ottawa, we would appreciate if you pass our names on to them. Both of us are registered with Brookfield and we work with good agents in several cities across the country.
That’s it, if you have any questions or comments, please don’t hesitate to contact us at 613-897-6839.
Bev and Keith Beardsley, sales representatives and also Seniors Real Estate Specialists with Century 21 Action Power Team (Brokerage). We serve the many rural communities that surround the city as well as the City of Ottawa itself. Check out our client testimonials and our service guarantee on www.BeardsleyTeam.ca. Call or text 613-897-6839. Like and Follow us on Facebook: @OttawaCountryHomes