Summer sales slow somewhat but still an active time for Ottawa Real Estate

Published 19 July 13 08:32 AM | Gord McCormick 

We have recently finished the busiest quarter of the year
for real estate sales which ended June 30th.  While many may think "that summer is dead" for
real estate this is not correct!  Though
the number of sales transactions drop by 20 or 25% compared to the April-June
period, the next quarter July-September is the 2nd largest sales
quarter of the year and real estate remains very active for buyers and sellers.  So don't wait for September, if you are
thinking that "things pick up" post Labour Day.

This year we have a good deal of excess listing inventory
which means good choice for buyers and generally some price pressure and
anxiety for sellers.  As of June 30th,
the number of residential properties listed in Ottawa was 31% higher than the 5
year average and the number of condo listings was 82% higher.  This represents over 2,000 more properties
listed for sale than the average 2008-2012.

With sales trend lines in negative territory (residential -6.7%
YTD, condos -8.1%) and prices moderating (residential avg price +1.8% YTD,
condos -2.5%) the extra listing inventory means many properties will take
longer to sell and we can expect increased price pressure.

The good news is that some of the dire predictions of a
housing "bubble" and a 10-25% price "correction" have not come to be and demand
across our region is steady, although slowing.

So it makes it a bit of a tricky market and both buyers and
sellers will want to review with a Realtor how the current market affects their
plans and what can be expected from the market going forward.  We generally believe we will be seeing a
return to more historical growth rates in housing prices and would be happy to
discuss this with you.

Not intended to solicit those with existing representation agreements.

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

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