Ottawa Real estate: May sales steady but listing inventory a concern

Published 10 June 13 05:49 AM | Gord McCormick 

Sales steady in May but listing inventory and price levels a "hot" issue

May sales were fairly steady in what is normally the largest sales month of the year, although slightly behind (-4.6%) last year and the 5 year average for the number of sales.  The big story however, is the continued growth in listing inventory which is seriously elevated compared to the flat or declining trend line in unit sales.

Unit Listing Inventory 43% above 5 year average:
Our total residential & condo listing inventory at the end of May is 43% higher than the 5 year average for residential listings over the period 2008-2012.  There are 35% more residential listings and 111% more condo listings on average.   This represents something over 2,300 more properties currently listed for sale than the average over the previous 5 years.  Also, listing inventory actually increased from the end of April to the end of May when one would normally expect listing inventory to start to decline, given that April and May are two of the biggest volume sales months. (June being the 3rd)

Listing price decreases commonplace in current listing inventory:
Not surprisingly, the excess inventory has put pressure on prices and has resulted in a great deal of listing price decreases. See some neighbourhoods below: (this represents the % of all current listings which have had a price decrease but is not related to the amount of that price decrease)
Stittsville North of Hazeldean Rd.: all properties:  62%
The ones below are for single detached homes only:
Central Stittsville: 51%
South Stittsville: 43%
Kanata North of 417: 49%
Kanata South: 47%
Stonebridge: 60%
Half Moon Bay: 58%
Riverside South: 50%

May results:                                         

Residential unit sales:  -3.3%   average price: +2.3%

Condo unit sales:         -9.9%   average price:  -2.3%


Residential unit sales: -7.9%   average price: +1.8%

Condo unit sales:        -6.2%   average price:  -1.9%

If you need a partner in assessing your buying or selling strategy in light of these very interesting market conditions, by all means give us a call or speak with your own REALTOR®. (not intended to solicit those with existing representation agreements)

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


Comment Notification

Subscribe to this post's comments using RSS


No Comments

Leave a Comment


This Blog