Ottawa real estate market report Sept. 7th, 2015
Ottawa real estate has had a pretty good summer all things
considered, though prices are still pretty flat and we still have some listing
inventory concerns, August was a pretty good month with decent unit sales
increases for both residential properties and condos. Sellers may have compromised on price
expectations, as both residential properties sold were flat and the average
condo sold during the month was down 7.3% compared to 2014.
Year-to-date
performance:
Residential unit sales are up 5.3% YTD and the average
selling price is up 1.9% to $395,437.
Condo unit sales are down slightly by .5% YTD and the
average selling price is down by 1% to $260,017.
Listing inventory:
Residential listings continue to run at quite high levels
with the number of listings currently reported by the Board being 31.8% higher
than the 5 year average. The number of
current condo listings is 52% higher than the 5 year average.
We can expect to see continued price pressure with these
listing inventory levels, particularly in the $500K+ market for residential properties
and $300K+ condo market, where we have a fair amount of excess inventory.
Are some sellers
leaving the market?
There may be an indication that some sellers are leaving the
market, as the month of August showed a very high level of listing expiries,
cancellations and withdrawls. This number
in August is 49.7% higher than the 5 year average for residential and 74.9% for
condos and might mean some sellers are rethinking their marketing plans or
waiting to relist at a later date, perhaps even next spring.
Some sellers may also be selling now and renting, as they
await a new construction home or simply to ensure they get their existing properties
sold prior to purchasing another.
Rental transactions involving Realtors are way up this year
so many sellers may also be looking to rent their properties if they cannot
secure a satisfactory sale.
September and October
the best time to sell before next March:
Fall business is steady in September and October but starts
to fall off in November, so sellers will want to plan accordingly. With properties generally taking longer to
sell in our current market, the best time window for getting a property on the
market is now!
If you are not working with another Realtor and would like
to discuss your plans for a fall, winter or spring/summer 2016 sale, please
give us a call. 613-435-4692 It is never
too early to plan your housing strategy.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 oasisrealty@rogers.com