Now sold! MLS 1170371 Lovely split level 3+1 bedroom  home nestled in the woods only 12-15 minutes from Kanata or Stittsville.  Recently used as an organic farm (non-certified) and artist studio.  Many recent updates done.  Attractively priced at $429,900 1162 Upper Dwyer Hill Rd. Click here to link to MLS listing: https://oreb.mlxmatrix.com/matrix/shared/qz9Mp5Lrmq/1162UPPERDWYERHILLROAD

Property sold in multiple offers!  Here is a quick look at a terrific property just listed (MLS #1167761) in Half Moon Bay, near the Jock River conservation area, Stonebridge and the Minto Rec centre.  
Tamarack Eton model townhome has been meticulously maintained and offers 3 bedrooms, 2.5 baths, open concept main floor, stainless steel appliances, Cambria quartz counters, finished basement, 2nd floor laundry and a fenced backyard.  Move in ready in every way, this home should attract a great deal of attention when the listing is posted on Wednesday, September 4th.  There are few listings in this category and even the builder is temporarily sold out of this popular model.  Showings start Thursday, Sept 5th.  Open Houses Sat/Sun Sept 7/8 and offers accepted Monday September 9th at 3:00 PM.  List price: $429,900.  See photo gallery/tour at link: https://prepsolutions.ca/169abetti

Ottawa real estate continued to sizzle in July with 1,842 unit sales during the month.  This was the highest total in 15 years for the month of July and also represented a 14.2% increase over the number of units sold in July 2018.  The 5 year average for sales in July is 1,579.

Limited listing inventory continued to plague buyers and resulted in a significant uptick in average prices, with the average residential price sold during the month increasing 10.4% to $487,308 and the average condo was up 6.8% to $299,665.

Listing inventory:  some good news!

While listing inventory is still scarce, there was one glimmer of improvement: the number of new listings actually increased for both residential and condo properties during the month, though total listings are still well below historical levels.

New residential listings were 8.6% higher than July 2018 and condos 4.3%.  At month end, however, residential listings were still 20.6% lower than last year and condos 42.5% lower.  This will be a key stat to watch in the coming months to see if the low inventory trend may be reversing.

The lack of listing inventory continues to impact the Ottawa market and there is no apparent let up in sight, as even new listing numbers continue to be in negative territory.

Condos newly listed during May were 5.5% lower than a year ago and residential properties listed were 8.9% lower.  At month’s end, there were 23% fewer residential listings and 40.6% less condos available for sale than at the end of May 2018.

Stellar sales: new listings ratio:
The sales to new listings ratio was an exceptionally high 88% in May.  By comparison, this ratio was only 40% to 50% only 4 or 5 years ago.  A ratio of 40-60% is said to be indicative of a “balanced market” (roughly equal number of buyers and sellers) above 60% is representative of a sellers’ market and below 40%, a buyers’ market.

Despite the inventory scarcity challenge, our market eked out unit sales gains in May, led by condo sales which were up 14.2% for the month.  Residential sales tallied a 4.6% increase over May 2018.  On a year to date basis, residential sales are pretty much flat with last year while condo sales are up 14.2% on the year.

Pricing growth continues:
The average residential property sold for $493,691 during May, an increase of 6.4% vs 2018 and approximately 25% higher than 5 years ago. (May 2014)  The year to date average residential selling price is up 6.6%.  

The average condo sold in May for $297,731, up 5.8% for the month vs a year ago.  On a year to date basis, condo selling prices are up 7.9%

These prices increases are solid but seem rather muted against the listing inventory shortages and the anecdotal reports of offer dates and multiple offers that are dominating the real estate news.

What’s ahead?
June is typically the 2^nd busiest sales month and then we see a slight decrease in unit sales during the summer months but July and August are still the highest volume sales months that will occur until next March or April, so it is still “high season”  for Ottawa real estate.

June is Picture Perfect:
June is also a great month to take exterior photos of your home and property, when everything looks its best.  These photos will come in very handy, for those who end up selling at other times of the year, particularly between October and May, when no leaves are on the trees and landscapes are devoid of interest and colour.

Our lower fixed overhead and independent broker status has allowed us to help sellers optimize their selling costs, without giving up any service levels.

We say “optimize” because too often, sellers feel they must either brave the “for-sale-by-owner” challenges or pay a 5% Realtor a large chunk of their accrued equity to get their home sold.  We believe we offer a great middle of the road approach that may be “just right” for many sellers, especially those that are also buying. 

Here are some programs for suburban residential properties currently available: 

Full MLS® listing including buyer representative commission: 3.5% +HST

Buy and Sell with us and pay only 2.5 or 3% full service commission +HST

Exclusive (non MLS®) listing: 2.0% +HST

some conditions apply, not intended to solicit those with existing representation agreements.

You can do the math on what you would save by dealing with us compared to a 5% Realtor but our sellers routinely save $10,000-15,000 by working with us.  Oh yes, and we have been doing this for over 12 years now with hundreds of satisfied customers.

If you wish to see the level of support provided for our MLS® listings, you can click here and we are sure you will see that you get the same level of excellent Realtor support, you expect. https://www.oasisrealtyottawa.com/Sellers_What_we_do_for_you/page_2526954.html

Give us a call and we would be happy to schedule an introductory meeting to discuss your housing plans and to see if you feel there is a good fit for working with us.  You can also check us out further online via our social media sites and blog below.

Gord McCormick, Broker of Record
Principal Broker, Ottawa Real Estate Board
Dawn Davey, Broker
Oasis Realty Brokerage
513-435-4692  613-371-9691
oasisrealty@rogers.com
http://blog.oasisrealtyottawa.com/
www.facebook.com/oasisrealtyottawa
https://twitter.com/OasisrealtyOTT

Many sellers must be asking themselves this question after watching “ For Sale” signs go up and then get marked “ Sold”  in just a few days or seeing endless online posts about how fast a listing has sold and for over asking price.

Seller’s Market:
We are in a sellers’ market in Ottawa in 2018 and listing inventory is scarce, prices are rising and things are selling much more quickly than in a typical balanced market. (a balanced market is one where there are roughly equal numbers of buyers and sellers)

Agents earn their keep…but..
A sellers’ market brings different challenges and experienced Realtor expertise is still important in getting the marketing strategy right and managing the complexities of offer dates, bully offers and multiple offers to a successful result.  Clearly however, the marketing time and cost has to be lower, so shouldn’t the seller get a lower rate?  After all with average prices increasing (8% in March 2018) the Realtor is getting an automatic raise, since their remuneration is based on a % of the selling price?

Why not save $7,000-$14,000?
Our programs offer full MLS® service by two experienced brokers and most of our sellers will save the above commission and HST using our 3.7% or 3% commission programs. (not intended to solicit those with existing representation agreements)

Example provided is based on current residential average selling prices and savings will vary by property being sold.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage

613-435-4692  oasisrealty@rogers.com

For real estate news and information at one of Ottawa’s best liked facebook pages, check us out at: https://www.facebook.com/oasisrealtyottawa/