Ottawa Real Estate Snapshot:  October 2019

Properties Sold

  • Total properties sold: 1,607 an increase of 16.9% over October 2018
  • 1,211 in the residential-property class, up 15% over October 2018
  • 396 in the condominium-property category, up 23% over October 2018
  • The five-year average for October unit sales is 1,319.

“New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”

Properties are “flying off the shelves, so to speak.” –OREB President

Days on Market

  • Residential Average days on Market: 33 (from 43 in October 2018) down 23.3%
  • Condominium Average days on Market: 28 (from 47 in October 2018) down 40.4%

Average Sale Price (October 2019)

  • Condominium-class property was $319,208, an increase of 18.3 % over October 2018
  • Residential-class property was $483,405, an increase of 7.6 % over October 2018

“We are seeing slightly above-average climbs in home prices this year, and the equity in many properties is undoubtedly increasing, which is great news for homeowners. Still, the growths are reasonable considering the state of the market and Ottawa retains its reputation of being one of the country’s most affordable cities where residents can enjoy a high quality of life,”  OREB president

The most active price range in the condominium market was $225,000-$349,999, accounting for 53 per cent of the units sold while $350,000 to $499,999 represented the most prevalent price point in the residential market, accounting for 43 per cent of October’s transactions. Residential properties in the $500,000 to $749,999 range increased to 30 per cent of all residential resales.

* Average sale price 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. Price and conditions will vary from neighbourhood to neighbourhood. Interested in Market Stats for a certain property or neighbourhood? Contact us anytime!

 

This article was first published on https://www.teamrealty.ca.