2018 has been a solid year for real estate in Ottawa, with sales and average prices showing reasonable growth.
Year to date sales and average prices:
Total unit sales in the residential category were actually fairly flat vs 2017 in the MLS® market and the average residential selling price over the year increased 5.1% to $446,415 (as of Nov 30) total residential unit sales reported on MLS® 12,950
Condo sales have shown a healthy 14.3% unit sales increase, with the average selling price up 2.8% to $278,330. Total condo sales this year 3,844
Listing inventory still the key stat:
Listing inventory remains a critical indicator of market conditions and current listing inventory levels show residential listings are down 18.9% vs November 2017 and condo listings are down 32.9%.
The number of new listings has been down 5.1% for residential properties and 7.2% for condos this year.
The Ottawa market favours sellers when one looks at all of the above but the average price increases do not seem to equate with the limitations in listing inventory. One would expect higher overall price increases if the inventory limitations (and the multiple offer stories) served to drive demand for scarce inventory.
So we are experiencing a good market favouring sellers but not a runaway sellers’ market, as one might expect from some of the headlines and new stories one sees. A strong sellers’ market would certainly be driving selling price increases at least in the double digits and we are a long way from that.
Best winter to sell in a decade:
All in all, prospects look generally pretty good for 2019 and this promises to be the best winter in a decade or more for those considering a sale.