Excess listing inventory the dominant factor in August 2014 Ottawa real estate results

Published 06 September 14 09:44 AM | Gord McCormick 

Ottawa Real Estate Market Results August 2014

 

Residential sales steady, condos lag, listing inventory high, prices flat

 

A tougher market environment for most sellers continues in Ottawa, based on August 2014 results from the Ottawa Real Estate Board.

 

Residential properties: modest gains

Unit sales for the month were slightly higher (+3.9%) than a year ago and 5.4% higher than the 5 year average for August.  Year-to-date transactions are only slight ahead of last year at 1.9%

Average prices increased 1.9% during the month and on a year to date basis the average price of properties sold is up 1.1%.

 

Condo sales and prices continue to suffer:

Condo unit sales were 19.5% lower during the month of August than last year and 18.9% lower than the 5 year average.  Year-to-date unit sales are behind 8.1% and prices off by .7%

Listing inventory still a major factor:

Residential listing inventory at month’s end was 13.3% higher than last year and 39% higher than the 5 year average.

Condo listing inventory is 14% higher than last year and 71.3% higher than the 5 year average.

 

Cumulative days-on-market shows short selling window:

The average time to sell this year has been 81 days for a residential property and 86 days for a condo.  This means that those listing now have a short selling window (60 days or so) to get their properties sold before the market really starts its winter trough in November.  See the table below with historical sales transactions by month:

 

Month 

2012

2013

2014

Jan

682

602

589

Feb

1008

914

870

March

1388

1167

1189

April

1568

1573

1420

May

1890

1804

1792

June

1662

1594

 

        1661

July

1376

1339

          1445

August

1145

1219

          1203

Sept

995

1119

Oct

1021

1069

Nov

928

891

Dec

615

610

 

 

 

 

 

 

Call or email for details.  oasisrealty@rogers.com  613-435-4692

* not intended to solicit those with existing representation agreements. 

 

Gord McCormick, Broker of Record

Dawn Davey, Broker

Oasis Realty Brokerage

613-435-4692

www.oasisrealtyottawa.com

 


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