Oasis Realty Brokerage, Ottawa Real Estate
Gord McCormick Ottawa, ON K2S0H6
Phone: 613-435-4692 Mobile: 613-371-9691 Fax: 613-435-4698
 

Frigid February Freezes Ottawa real estate 2015


No surprise that it was tough sledding in Ottawa real estate in February.  Record setting cold during the month may have deterred some casual buyers but underlying market weakness and an imbalance of supply and demand continue to be the dominant influences of the current market.

Unit sales down, prices flat:
Monthly unit sales were mostly flat compared to equally dull results recorded in February 2014.  Based on 5 year averages, residential sales during the month were down 6% and condo sales a whopping 30%.

The average condo selling price increased slightly during the month, while the average residential selling price was flat with a slight decrease of .3%.  Year to date average prices are flat for both residential and condo properties.

Will spring sales melt listing inventory and bring a flood of sales?
Listing inventory continues to grow well beyond expected accumulation in advance of the busy spring sales season.  Residential listing inventory at the end of February was 9% higher than last year and 31.8% higher than the 5 year average.  Condo inventory was 5% higher than last year and 58.2% higher than the 5 year average.  This clearly says there are more sellers in the market than buyers and this represents about 2,000 excess listings currently available right now and with 3 of heaviest listing months ahead of us.  If sales do not increase significantly, we can expect our buyer’s market conditions to continue with significant pressure on selling prices for most properties.

Higher end listing inventory most challenged:
A quick synopsis of current listing inventory levels compared to 2014 sales suggests that we are overweight on listings $500K+.  For example: during 2014 sales of properties $750K+ accounted for only 3.1% of all residential sales yet currently account for 7.3% of listing inventory.  If one adds the $500-$750K category, sales above $500K in 2014 totalled 14.7% of all sales yet current inventory has 21.7% of total listings.  So those listing properties above $500K will want to be very careful with their list pricing, marketing and timing strategies. We expect to see this category of properties to also take longer to sell.

Outlook:
We are hoping that there may be some Federal Government budget thaw and pre-election goodies which would help our market.  Some reports suggest that there may be an uptick in DND personnel moves which is a very important factor in our spring/summer market here.

Ultra low mortgage rates may also move some buyers off the sidelines and in to the market.

Market timing:  …don’t miss the spring!
March, April and early May are the peak listing periods to get properties on the market for spring buyers.  If you have not made your plans, by all means check out our new 3 tiered commission rate plans* based on service levels which provide 2 broker support for MLS® listings for 2.99% (basic service) 3.99% (full service)  and 4.99% (premium broker service). Our 4.99% program we believe is unique in that it offers up to $3,000 in rebates/discounts for pre-listing preparation or staging to help you get your property in model home condition for listing.   All rates include a market standard 2.5% commission for a buyer representative bringing a buyer.  For more details please call 613-435-4692 or email oasisrealty@rogers.com.

* not intended to solicit those with existing representation agreements.

Call to schedule a realistic market evaluation:  613-435-4692
We are happy to provide a no cost no obligation market evaluation of your home focused on what you may realistically be able to expect from this challenging market.  We will tell you the marketing advantages of your property but we will also tell you the limitations and what we think you need to do to get the house sold in support of your housing objectives.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or cell/text 613-371-9691
www.oasisrealtyottawa.com
oasisrealty@rogers.com
@oasisrealtyOTT

Experienced, professional brokers with lower costs for sellers


2.99% or 3.99% or 4.99% (or less!) tiered listing service options


Thanks for stopping by our website.  We hope you find lots of interesting articles and information here.  We have just announced 2 new service level programs for sellers that we think offer great flexibility and choice.  We now have a super low fee 2.99% basic listing fee and also a Premium Broker Listing Service at 4.99% which offers up to $3,000 in free staging or other house prep costs.  This is a program unique to real estate in Ottawa!  In a business that has historically been pretty much " one-size-fits-all"  for listing service fees, we are very pleased to offer choices that provide more appropriate options for individual selller situations.

We of course continue to offer our value priced Full Service Listing Plan at 3.99% or less. For some details on these plans click on the " listing deals"  tab above.  If one of these programs doesn't work for a seller then we are happy to discuss customizing a plan for them.  All plans include full MLS® listing support, buyer representative incentive of 2.5% but does not include HST on the commission amount.  

* not intended to solicit those with existing representation agreements.

Feel free to drop us an email or call and we will be happy to discuss your housing objectives!

thanks and regards,

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692  or 613-371-9691 cell/text

experienced, professional real estate brokerage services with lower fees for sellers 

 


When is the best time to sell?


A tougher market environment for most sellers continues in Ottawa, based on October 2014 results from the Ottawa Real Estate Board.  While there appears to be reasonable activity and underlying demand, the large excess inventory situation is making the resale market very competitive.  Good for buyers but not so good for many sellers.

A key question many buyers and sellers ask is" "when is the best time to buy or sell?"  This is of course determined by individual buyer and seller circumstances but in looking at the unit sales history below, one can see how much stronger sales are in the peak spring and summer seasons.

See the table below with historical sales transactions by month: (combined residential and condo sales from Ottawa Real Estate Board published results:

Month 

2012

2013

2014

Jan

682

602

589

Feb

1008

914

870

March

1388

1167

1189

April

1568

1573

1420

May

1890

1804

1792

June

1662

1594

          1661

July

1376

1339

          1445

August

1145

1219

          1203

Sept

995

1119

          1133

Oct

1021

1069

          1121

Nov

928

891

            893

Dec

615

610

 

 

* not intended to solicit those with existing representation agreements. 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
www.oasisrealtyottawa.com

 


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