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

Share



Follow us on twitter!



Contacts



  

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


Memberships


Click for the BBB Business Review of this Real Estate in Ottawa ON





September 2014 sales steady but a tougher market prevails


Ottawa Real Estate: September 2014 sales steady but inventory overage continues:

Many sellers will have some tough decisions to make this Fall/Winter, as a slower sales trend continues with fierce competition in a very price sensitive market in most areas of the city.  There is clearly a significant overage in listing inventory and therefore a supply/demand imbalance in favour of buyers.  Many sellers may have to reduce their price expectations, possibly cancel or delay purchasing plans or simply take their properties off the market and reconsider their housing plans altogether.

Listing Inventory:
Listing inventory continues to be the dominant statistic to watch and the problem is showing no signs of fading away, in fact if anything it is growing worse.  Residential listing inventory is currently running 34.9% higher than the 5 year average at the end of September and condo inventory is running 61.1% higher.

There are actually over 1,000 more residential properties for sale right now than there was at the end of March this year when we were just starting the 3 busiest sales months of the year.  By contrast, come November 1st we are heading in to the 4 slowest sales months of the year.

Sales:
The number of residential unit sales was up slightly during September over last year and the 5 year average. (3% and 3.3%)  On a year to date basis, residential unit sales are up 2% while condos are down 7.9%.

Average selling prices:
The average residential selling price this year is up 1.3% to $387,640 while the average condo selling price is down slightly by .8% to $261,649.

Cumulative-Days-on-market: CDOM
This is new statistic being compiled this year by the Board which gives a better picture of how long it takes to sell a property in the current market. The CDOM for a residential property sale this year is 73 days on the market and for a condo it is 86 days.

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


Seasonality of sales a concern for sellers


As the leaves fall, so does the number of potential buyers-get it sold now!

We still have a few weeks of good fall selling season ahead of us but these are dwindling quickly and we are already almost half way through the strongest portion of fall sales. 

Sept-Oct sales already 36% lower seasonally than busy spring season!
Sellers should be aware that though business is steady in September and October the rate of sale is far below what we experience in the busier spring and summer market.  The average number of unit sales is 36% higher in April-June than we can expect in September and October.

The number of unit sales in September and October is similar, although both months are typically 10-12% lower in unit sales than the month of August.

Things get worse after the end of October with the # of sales dropping by 13% from Oct to November and a whopping 32% from November to December.

So sellers really must do whatever it takes to get a deal in October if at all possible, particularly this year where we are burdened with a slowing/flat market and a great deal of listing inventory. (Plus some of the best builder incentives on new construction homes that we have seen in the last 10-15 years!)

October listing deal
See our facebook page at https://www.facebook.com/pages/Oasis-Realty-Brokerage-Ottawa/209265863918  for a special limited time offer that helped our most recent seller *save over $12,000 in commission and HST while getting their property sold in only 15 days via our full service listing program!
* compared to typical 5% real estate fees/commissions.
Not intended to solicit those with existing representation agreements

If you are looking to buy &/or sell this Fall, please feel free to give us a call and we would be happy to review your specific requirements and discuss a strategy for you. 613-435-4692
 

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

www.oasisrealtyottawa.com

 


Listing inventory overage continues to pressure sellers in August


Ottawa Real Estate Market Results August 2014

Residential sales steady, condos lag, listing inventory high, prices flat

A tougher market environment for most sellers continues in Ottawa, based on August 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.

Residential properties: modest gains
Unit sales for the month were slightly higher (+3.9%) than a year ago and 5.4% higher than the 5 year average for August.  Year-to-date transactions are only slight ahead of last year at 1.9%

Average prices increased 1.9% during the month and on a year to date basis the average price of properties sold is up 1.1%.

Condo sales and prices continue to suffer:
Condo unit sales were 19.5% lower during the month of August than last year and 18.9% lower than the 5 year average.  Year-to-date unit sales are behind 8.1% and prices off by .7%

Listing inventory still a major factor:
Residential listing inventory at month’s end was 13.3% higher than last year and 39% higher than the 5 year average.

Condo listing inventory is 14% higher than last year and 71.3% higher than the 5 year average. 

Cumulative days-on-market means short selling window:
The average time to sell this year has been 81 days for a residential property and 86 days for a condo.  This means that those listing now have a short selling window (60 days or so) to get their properties sold before the market really starts its winter trough in mid November.  See the table below with historical sales transactions by month:

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

 

Nov

928

891

 

Dec

615

610

 

* Full Service Listing Special! 3.5% (ends October 30th, 2014)

We’ve sharpened our pencil to help assist our residential listing clients by offering a full service listing program at only 3.5% for listings taken this month.  Buyers can also take advantage of our 20% buyer bonus this Fall. (condos and country residential properties slightly higher)

Call or email for details.  oasisrealty@rogers.com  613-435-4692

* 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

 


Recent Posts



We discount our commissions but never our service!


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

 


real estate news on twitter



Like us on facebook!



Featured Listings


Loading...

Share this page or follow us on social media


Home  |  Moving to Ottawa?  |  My Blog  |  Featured Listings  |  Home Search  |  Calculators  |  Flexible Buying  |  Buyer $$ Bonus  |  Listing deals!  |  Sellers: What we do for you  |  Country properties  |  Social Media  |  About Oasis Realty  |  DND/RCMP IRP   |  Home Evaluation  |  Home Styling  |  Home Search  |  Selling Price  |  Ottawa Real Estate Market Results  |  First Refusal Offers  |  Do Open Houses Work?  |  Exclusive Listings vs MLS® Listings  |  Small firm vs large firm?  |  Listing vs sold "gap"  |  Seller Strategies  |  Downsizing?  |  Did you know?  |  Mortgage Tips and Links  |  FSBO sellers  |  MPAC help  |  Real Estate related tax credits  |  Condo Tips  |  Contact us  |  Condo Act Review  |  Hot Water tank tips  |  Homebuyer time savers  |  Why is my property not selling?
 

Privacy Policy  |  Site Map  |  Profile  |  Sign In

©2007-2014 Oasis Realty Brokerage