Listing inventory still the story in Ottawa real estate in September

Published 05 October 13 06:01 AM | Gord McCormick 

Listing inventory: (compared to 5 year average 2008-2012 at Sept month end)
# residential listings: +28%
# condo resale listings: +79.5%

To put these numbers in some perspective, this means we have
approx. 1,200 additional residential listings and almost 750 more condos listed
currently than the 5 year average.  Current
listing inventory (without any new listings!) 
is sufficient to satisfy anticipated sales demand for the next 7 months.
(through April 2014) 

Sales growth at the expense of average prices:
Some sales growth in September as some buyers tried to lock
in mortgage "rate holds" at lower mortgage levels available earlier in the year.  The # of unit sales was up 12.5% to 1,119 compared
to Sept 2012 but pretty much flat with the 5 year average of 1,139.

Sellers took some price action to get deals done, as the
overall price for residential properties and condos sold during the month was
down 1.2%. 

Year to date:
Unit sales for residential properties have declined by 3.1%
and for condos 5.3%
Average selling prices for residential properties have increased
by 2.0% year-to-date while the average condo price has decreased by 2.2% this

Not surprisingly, it is taking longer to get the average property
sold this year with the average property sold in September taking 50 days to
sell this year compared to 43 days last year. 
The average condo took 55 days to sell vs 45 days last year.

Rental Listing inventory:
Though a small portion of the overall listing inventory, we
see that rental listings have jumped to 680 listings at the end of September,
compared to 479 a year ago an increase of 43%.

As we enter the slowing portion of the real estate year, it will be interesting to see how the current listing inventory situation plays out and how this affects the market.  If you would like assistance in figuring out possible selling &/or buying options given these interesting market conditions, please give us a call at 613-435-4692

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

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