Ottawa real estate sales continue to stall in wintry March

Published 08 April 14 09:22 AM | Gord McCormick 

Sales:

While the number of sales transactions in March decreased only 2.9% in March compared to last year, the comparison with the 5 year average paints a much more challenging picture.  Residential transactions during the month were 11.3% lower than the 5 year average (2009-2013) and condo sales transactions were -18.1% lower.  Certainly not the level of activity one would hope for in the key transition month heading to the all-important 2nd quarter.

 

Average Selling Prices:

Selling prices are pretty flat also compared to last year with the average residential selling price increasing 1.0% to $380,934 during the quarter and the average condo selling price retreating by 1.9% to $257,017.

 

Listing Inventory:

Listing inventory continues to be elevated compared to 5 year averages with 22.1% more residential properties listed and 76.8% more condos.  This is somewhat worrisome with the flat to declining sales results, so sellers will want to carefully consider their listing prices and watch competitive market activity closely.

There was some good news in the listing area, however, as the number of new listings in March decreased slightly from last year but still was higher than the 5 year average.

 

Sales to new listings ratio:

 This is an important benchmark and for March 2014 ratio of sales during the month to new listings was 40.5% whereas the 5 year average (2009-2013) was 47.7% which reflects both the flat sales environment and the growth of listing inventory.

 

Rental listing inventory:

Though not a significant number overall, rental listings are up 84% over the 5 year average and probably reflects the excess inventory position. (primarily in the condo sector)

 

Key Questions for Q2:

Will Federal government budget restraint continue to depress local market conditions?

i.e. will government personnel relocation moves decrease, particularly for DND and RCMP?

 

Buyers and sellers will both benefit significantly from working with a real estate professional to help navigate the choppy waters of our local market and their own real estate objectives.  If you are not already working with another REALTOR® then by all means give us a call.  613-435-4692.  *Sellers will save $1,000’s in commissions and HST and buyers will benefit from our Buyer Bonus program!

 

*not intended to solicit those with existing representation agreements

 

Dawn Davey, Broker

Gord McCormick, Broker of Record

Oasis Realty Brokerage

613-435-4692

oasisrealty@rogers.com

www.oasisrealtyottawa.com

 


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