Oasis Realty Brokerage, Ottawa Real Estate we don't "sell" you a house...we help you buy the "right" home!

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Dawn Davey
613-435-4692(Office)
613-435-4698(Fax)

Ottawa, Ontario, K2S0H6
Canada


Gord McCormick
613-435-4692(Office)
613-435-4698(Fax)

Ottawa, Ontario, K2S0H6
Canada


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Peak spring season ends with surplus of listing inventory


Ottawa Real Estate: June 2014 results

Listing inventory level remains key issue in very competitive Ottawa Market

June Sales:
Depending on your point of view, June sales were either steady or lacklustre with residential properties showing a slight increase in both # of transactions (over a slow June 2013) and average prices increased 1.8% during the month.  Condos sales were flat and average prices -2.8% lower than last year.

Year-to-date sales:
For the first half of the year sales for residential properties are almost identical to 2013 while the # of condo sales has decreased by 7.1%
Average prices for residential properties sold this year have eked out a 1.4% increase to $391,374 and the average condo sale registered this year is off -.5% at $262,469.

Listing Inventory:
Listing inventory for residential properties at the end of June is 37.2% higher than the 5 year average from 2009-2013. New residential listings during the month were the highest recorded during the month of June during the last 10 years.
Condo listings are 79.3% higher than the average over the last 5 years.

Contributing Factors:
We believe military moves have both decreased and been delayed this year, due to budget issues at DND.

Builders are facing higher development fees with the City of Ottawa 5 year review being completed and 22% to 31% higher fees expected as early as October 1st. ($5,000-$8,000 per house/unit) Builders may have prebuilt inventory to avoid the pending higher fees and are also seeing either flat or declining unit sales, so buyer incentives have been quite strong compared to the recent past.

Many sellers are also buyers and if they cannot get their existing home sold or sold at an acceptable price, then they are not in a position to become buyers.

Seller challenges:
Listing price is even more critical in this market which favours buyers and sellers have to remember to stay on top of all resale listing competition and new construction homes in their area.  As competitive listings change prices or builders change their offerings, sellers have to be prepared to act accordingly.  As houses sell, those still listed need to be in tune with actual selling prices and determine if this impacts the opportunity for their own listing.

With peak spring selling season now behind us, we expect to see a very interesting summer, as listings battle it out for available buyers and perhaps with the market seeing some sellers quit the market to either make updates to their property or anticipate relisting at another time.  As noted in the article below, however, summer is still the best chance to get properties sold until we hit the spring market next March/April-so sellers should aggressively have their properties positioned right now.  *If you are considering a summer purchase or sale, please give us a call and we will be glad to share our thoughts on how you might best approach what is bordering on a “buyer’s market” (if we are not already there!)

*not intended to solicit those with existing representation agreements.

Gord McCormick, Broker of Record
Dawn Davey, Broker
613-435-4692
oasisrealty@rogers.com
www.oasisrealtyottawa.com 

Full Service…for less!

 

 


Rush of listings eases and sales steady in last week of June


It looks like the rush of new listings crested in mid June, as the daily # of new listings seems to have retreated this week of June 23rd and is easily 25% to 30% lower than the daily new listing activity only a couple of weeks ago.  Sales look pretty steady this week also, although there is little reason to expect a change in the current flat trendlines in both activity and average prices.

Though sales drop off in July, August and Sept from highs in April-June, the summer is the 2nd most important selling period of the year.  In fact, the number of sales transactions in July typically is not exceeded again until March or April of the following year. 

If you would like a professional assessment on buying or selling plans in this market environment, please give us a call at 613-435-4692.

See chart below which contains the transaction history for the # of residential and condo sales recorded monthly over the last couple of years as reported by the Ottawa Real Estate Board. 

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  
August 1145 1219  
Sept 995 1119  
Oct 1021 1069  
Nov 928 891  
Dec 615 610

 

 


Sales just OK in May but listing inventory worrisome almost critical


Ottawa May Real Estate Results 2014

May Sales OK but listing inventory surges to worrisome levels

Sales:
Sales results were generally steady (or flat, depending your perspective) in May 2014.  Residential sales transactions showed a slight increase over the 5 year average by 2.5% while condo sales continued to stagnate with 13.9% fewer sales than the 5 year average.
For the first 5 months of the year the number of residential sales transactions is down 1.2% and condos down 9.1% compared to 2013.

Average Selling Prices:
Average selling prices during the month were steady, a little surprising given the listing inventory level. On a year to date basis, the average residential selling price is up 1.3% to $392,108 and the average condo price is up slightly .2% to $263,687.

Days-on-market:
The average sale time continues to grow also with the average residential sale taking 47 days this year (vs 41 last year) and the average condo sale 59 days (vs 46 last year)

New Listings in May:
New listings surged again in May with residential listings recorded that were 25.8% higher than the 5 year average and condo listings were 39.8% higher.  While May is typically both the #1 sales month and the #1 month for listing activity, this number of new listings in a flat sales environment is definitely a problem.

May End Listing Inventory:
Residential listing inventory at month end is 36.9% higher than the 5 year average (2009-2013) and the number of condo listings is 75.5% higher.  Combined, this means we have almost 3,000 more properties currently listed at this time of year than the average over the 5 year period.

Outlook:
Given our late start this spring and the amount of listing inventory; we might expect June to be a fairly strong month for the number of transactions exceeding May as the #1 sales month.  There is no question we have a supply/demand imbalance in favour of buyers, so one might expect to see pressure on average prices. With typical unit sales demand falling off 25% in the summer months, June is definitely the best time for sellers to get a deal done. 

Unless we see an exceptionally and unexpectedly strong June &/or many sellers quit the market, we can expect to see buyers generally have the upper hand for many months to come.

Builders will also be offering some very interesting incentives both to generate closings over the winter months and also to beat the anticipated $5,000-$8,000 development charge increase which is being voted on by Ottawa City Council on June 11th.  
 To find the best builder new construction deals, give us a call 613-435-4692-as new home sales and buyer representation is one of our specialities!  Note: we pay a 10-20% new home buyer bonus and also offer excellent listing programs for leading builders in our area!

If you would like a no charge no obligation consultation on how these overall market conditions affect your own buying or selling plans, please do not hesitate to give us a call.
*not intended to solicit those with existing representation agreements

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

Full Service…for less!


Ottawa real estate: key questions for 2014


2013 was certainly a slowing year in Ottawa real estate, with residential prices inching up only at an inflation level and the average condo price actually decreasing.  This was a significant difference from the results over the last decade where more bullish results were recorded.  So where does that leave us for 2014?  Here are some of the key questions we are asking ourselves:

Listing Inventory:
Will the current excess listing inventory ease or will we see a further increase in the # of listings heading in to spring which could threaten the supply/demand balance?

How many seller listings which did not sell in 2013 will be recycled as “new listings” in 2014? (New listings:sales ratio was poor in 2013 and a lot of listed properties did not sell)

Condo’s:
Will the resale condo market continue to suffer versus new construction?  Will there be as many project announcements this year as we have seen in recent years?
Will we see more suburban condo projects on the horizon?
Will expected revisions to the Condo Act help address some of the issues plaguing condo owners? See:  www.condoinformation.ca  

Local Economy:
Will Federal budget restraint play a detrimental role in the local economy? Particularly, in the case of DND which accounts for a large % of government relocations and spending?
Will job losses/headcount reductions in the Federal Government and larger high tech companies continue to be offset by job growth in the private sector and tech start-ups?
Will local or provincial governments add more taxes affecting real estate to help pay for large transit and other infrastructure projects?

New Construction:
 Will condo sales and actual building/completions keep pace with project approvals? Will we see less new projects announced?
Will builders of new construction homes continue to be as aggressive with their building plans and buyer incentives?
Has demand eased for high end “infill” construction properties in high demand urban areas?

Buyers and Sellers:
Were some buyers sitting on the sidelines in 2013 waiting for a market dip or correction?  If so, will these buyers now return to the market given that a correction did not occur?
Were buyers and sellers even further apart on price expectations than normal in 2013, given the wide range of industry headlines during the year?

 Regardless of which way the market trends, we suggest that active buyers or sellers stay close to their REALTOR® and therefore stay up to the minute on market conditions affecting their plans, as market conditions can change on a daily and weekly basis. For boutique level service and big savings on listing fees, please feel free to consider us if you are not already committed to working with another real estate professional.

* not intended to solicit those with existing representation agreements

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
613-435-4692

Full Service…for less!


Recent Posts



20% Buyer Bonus program! REALTOR® referrals welcome


Oasis Realty is offering a 20% rebate for buyers as an introduction to our services. That's right! For example, if you purchase a home for $400,000 and the buyer representative commission is 2.5%, then we will pay you $10,000 x 20%-$260 HST=$1,740 cash within 30 days after closing! THIS APPLIES TO BOTH RESALE AND NEW CONSTRUCTION PURCHASES! Who wouldn't find some extra cash handy when moving in to a new home? (if you also have a home to sell then you would get the better of the 20% buyer rebate or the discount on our buy/sell commission rate but not both) * not intended to solicit those with existing buyer representation agreements. 613-435-4692 oasisrealty@rogers.com


"Full Service...for less" means lower real estate commissions!


As an independent non franchised local broker, we are able to charge less for our boutique style quality full service offerings for residential buyers and sellers.  Our total fees range from 2.5% to 3.75% for most properties (depending on the transaction circumstances), saving sellers 25-50% off typical 5% commission rates.  On a typical $400,000 sale, this amounts to savings of  $5,650-$11,300 in commission and HST.  Worth considering, right?

See the tab at left titled "Sellers: what we do for you" to see the amazing range of quality marketing we do for our listed properties. 

For a no charge no obligation market assessment of your property feel free to give us a call at your convenience. 613-435-4692

Buyers and sellers alike will benefit from 2 brokers working for them and our near 20 years combined real estate experience.

not intended to solicit those with existing representation agreements with other real estate professionals.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
613-435-4692

 


Welcome to Oasis Realty, Brokerage


 

 

 

In today's real estate market environment, it just makes sense to be represented by a real estate professional and beat other buyers to new listings.  We constantly hear from buyers who follow new listings on their own, only to find out many properties are already sold by the time they see them.  As your buyer representatives, we will help insure you get immediate notification of all new listings that meet your buying criteria.  We will provide you notification to the hottest new homes for sale in Ottawa with our "Instantaneous listing notification service" and you will never miss out on a hot new listing again. See the "Home Search" page at left for details.

 

 

 

Welcome to Oasis Realty, Brokerage your source for Ottawa real estate which offers Quality Service & Affordable Rates!

Whether you are buying or selling a home, hire us as your executive team.  We will be your researchers, marketing and advertising managers, administrators and sales executives in a consultative approach.  We can show you any property listed on MLS®, private  sales, and  new construction homes or condos from builders .   We have earned our "Broker" level registration; a title only 1 of out of 5 real estate professionals have. (source Real Estate Council of Ontario) Put our knowledge and professionalism to work for you during this major change in your life!

In addition, if you have any general questions about buying or selling real estate in Ottawa, please contact either Dawn or Gord as we would be most pleased to help.


Sincerest Regards,

Dawn Davey, Broker

Gord McCormick, Broker of Record

613-435-4692

oasisrealty@rogers.com or text to: 613-371-9691

 

Let us help you buy &/or sell your "Oasis" !


 


 

 


 
 

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