July 2012 continues cooling trend in Ottawa real estate

Published 05 August 12 08:17 AM | Gord McCormick 

The resale market for residential homes and condos continued
to show signs of cooling, based on July sales results.

The number of sales transactions for the month was 1,366
residential properties and condos sold for a slight increase over 2011 of 3.4%
but slightly less than the 5 year average of 1,378.(2007-2011)  Average prices in July were slightly below
those of a year ago with the average residential price dipping 1.4% and the
average condo price off 1.7%.

Properties taking longer to sell:
The time to sell the average property increased to 41 days
from 35 days in July 2011.

Listing inventory:
Listing inventory for residential properties appears fairly
balanced with 1.4% more properties listed than a year ago.  Condo inventory is 18.9% higher.

Listing expiries, withdrawls and cancellations:
The number of listings that expired unsold, or were cancelled
or withdrawn was at its highest level in more than 5 years with 987 residential
properties and 1,592 properties in total during the month.  This represents an increase of 30% from a
year ago and continues a trend that has been building during 2012, particularly
in May and June.

These indicators would certainly seem to suggest that it is
becoming a tougher market out there with price pressure on listings.  Those selling in this environment will
certainly want to be very careful with their listing price and also ensure that
they gain maximum exposure to their listing via an MLS® listing and a comprehensive
marketing plan provided by their REALTOR®.

To see how our marketing strategy and listing fee programs
can save you money, maximize exposure to your listing and make your property
more competitive, see our website at www.oasisrealtyottawa.com
or give us a call at 613-435-4692

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

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