Ottawa Real Estate Market Summary: Year End December 2009 (Jan 7, 2010) The Ottawa Real Estate Board had another very successful month in December, with sales totalling almost 700 transactions for all residential property types. The positive market conditions continue to be fuelled by a significant shortage of re-sale listing inventory and low mortgage rates. Key Stats year-to-date (as of December 31st) Number of transactions: Residential: +7.3% to 11,574 sold for the year Condo: +7.5% to 3,168 sold for the year Total sales transactions of all residential property types: 14,742 (does not include lots, farms, commercial or multiple dwelling units) Average Selling Price: Residential: + 4.6% to $325,198 Condo: + 6.2% to $226,031 Days-on-market: (time to sell) Residential: 39 days in 2009 vs. 36 days in 2008 Condo: 34 days in 2009 vs. 30 days in 2008 Listing Inventory: Residential: -31.2% compared to end December 2008 Condo: -29.5% compared to end December 2008 Total residential properties currently listed: 2,617 Notes: -the year to date results somewhat understate current market conditions, as the last several months results have been much stronger than the year to date numbers. Trends: - “urban” properties and “inside the Greenbelt” suburban properties generally increasing more quickly. - Sales in some of these high demand neighbourhoods have seen a great deal of multiple offer activity - New construction housing starts have recovered significantly, after being way behind for most of 2009 - Continuation of low listing inventory conditions favours sellers - Buyers and sellers should be aware of the potential for a slight “bubble” in Spring 2010 prior to the implementation of the Harmonized Sales Tax (HST) in Ontario on July 1st and the potential for higher mortgage rates as the year progresses. For specific information on your neighbourhood or to schedule a market evaluation on your home please call us at your convenience. 613-821-9690 Dawn Davey, Broker/Owner Gord McCormick, Broker of Record/Owner |