Let’s dispel a major Ottawa real estate myth: that summer is “dead” in real estate
It has long been held that summer is dead in real estate and things pick up in the fall…but is it really true?
….not so much, as our research has proven! (See monthly unit sales chart)
We hear this all the time from sellers, home owners and even other Realtors who seem to think that there are two “prime” or “peak” seasons in Ottawa real estate: spring and fall. We hear statements like "everyone is on vacation” or “gone to the cottage” etc. thus explaining why real estate “dies” off in the summer and somehow is magically reborn and “things pick up after Labour Day”.
While it is true that summer sales decrease compared to the peak season in May and June, July and August are the next best sales months the market will see until the following April, so serious buyers and sellers should not put their real estate plans “on hold” until the purported "2nd season" in the Fall.
Summer unit sales: July and August 4th and 5th strongest months
Sales in July and August are some 20-25% less than those in April-May and June but are still usually well ahead of sales in September and October which are a further 10-20% lower, followed by November when sales start to go in to the winter hibernation phase of Ottawa real estate.
New Listings and total listing inventory are also typically higher in the summer months than in the fall and winter, so it is a great time to be buying also.
How did this myth get started?
....hard to say but possibilities include:
After a busy spring season, some Realtors may be looking for a bit of a break themselves, which is hard to do when one has to be “on call” and readily available close by to support a new listing or buyer client. So if a buyer or seller plans can be deferred a couple of weeks, the Realtor can sneak in some summer vacation time for themselves.
Some Realtors may possibly be trying to save or defer some business activity until Fall, in an attempt to spread out demand (via listing supply) in what is a pretty strong seasonal business.
Also, some Realtors may feel that for whatever reason, a certain property may get more attention in the fall or they may simply be trying to save some business activity to anchor the balance of their business year, especially with the typically slow winter season approaching from mid-November on.
There may be some valid reasons in terms of market circumstances, competitive listing inventory, seller vacations, property preparation for listing and so forth but let us be perfectly clear: don’t delay listing your property in July or August because you think business is stronger later!
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or 613-371-9691
One of Ottawa’s best liked/followed real estate pages: https://www.facebook.com/oasisrealtyottawa/
Our real estate guide/blog: http://blog.oasisrealtyottawa.com/
2 experienced brokers working for you…11th year in business!