First Quarter Results Somewhat Mixed: Transactions decline, inventory builds but prices increase
The Ottawa real estate market has seen some mixed results based on just released 1st Quarter statistics. The number of sales transactions has declined 12.8% for residential properties and 9.3% for condos on a year to date basis compared to the same period last year.
This is not surprising, considering last year’s market was significantly impacted by the July 1 implementation of the HST. This moved a lot of sales earlier in the year compared to our traditional pattern. Sales were greatest in April last year when normally May is the #1 month and June #2.
This year we expect to see the normal pattern return with May and June once again becoming the highest transactions months. Also not surprisingly, listing inventory has continued to grow compared to last year and we currently have 22.1% more residential properties for sale and 37.5% more condos available for sale. Not a bad thing for buyers to have (in theory, at least!) a greater choice of available properties and not too big a worry to have some extra inventory as we start our 3 busiest months of the sales year. Total properties currently listed for all property types are 6,774.
Probably the key statistic is that average prices continue to increase at a fairly good clip with the average residential property sold showing a 5.7% increase YTD through the end of March and the average condo selling price is up 3.1%.
Homes are taking slightly longer to sell with the average residential property selling in 34 days and the average condo selling in 36 days.
Here is what you will pay for the average priced property by property type, based on those that sold in the first quarter of this year:
Detached single home: $385,884 +5.9%
Freehold townhouse/row: $300,739 +2.4%
Semi-detached: $354,232 +9.9%
Condo: $252,721 +3.1%
Give us a call if you would like a break down on sales in your area or a market evaluation on your own property.
Gord McCormick, Broker of Record
Dawn Davey, Broker Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com
www.oasisrealtyottawa.com
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