Ottawa real estate report November 2015

Published 10 November 15 10:35 AM | Gord McCormick 

Some positive signs of improvement in October real estate results: 

Residential Sales pretty solid:

Sales for the month were up 3.7% and year to-to-date are 5.9% higher than 2014.

Average selling price for the month was up 2.8% to $380,075 and year to-to-date the average selling price is up 1.8% to $393,078

 

Condo sales and prices continue to sag:

Condo sales continue to struggle due to oversupply in both the resale and new construction markets.

Though condo unit sales were up slightly over last October, they were still down 9.4% compared to the 5 year average.  Year-to-date unit sales are down .5% compared to last year.

Prices took a beat of a beating in October and on a year-to-date basis are down 1.9% compared to the first 10 months of 2014 at $258,995.

 

* average selling prices are affected by the price mix of properties sold and in the current market there is more activity in the lower to mid-priced market segments ie $250K-400K which keeps the overall average price in check. 

 

Listing inventory surplus eases:

For the first time in a long time, we have seen some improvement in the amount of listing inventory surplus on hand.

Residential listings are only 19.5% higher than the 5 year average at the end of October and condos are 42.5% higher.

New listings in October for residential properties actually were less than during the previous 3 years and 4.6% lower than the 5 year average, so this is potentially a very good sign.

We note however that listing cancellations, withdrawls and expiries continue to run at high levels with residential properties 14.4% higher than the 5 year average and condos 55.3% higher. If some of these sellers have moved to the rental market that would be OK as the rental market seems pretty active.  If on the other hand these sellers are just waiting to relist at a later date then perhaps there still may be an overbalanced equation on the supply side.

 

Rental Market listing inventory is up 58.7% over the 5 year average but the number of rentals done by Board members is way up also, so this is not a particularly worrisome stat.

Time on market to sell increases also:

Both condos and residential properties have taken more time on market to sell this year with residential properties selling in 80 days vs 75 last year and condos taking 101 days to sell vs 86 days last year.

 

New home sales:

Builder sales are down approximately 6% on a year-to-date basis but this has improved over how it was looking earlier in the year.

 

Great time to plan ahead for Spring/Summer 2016:

Believe it or not…right now is a great time to start planning and activity for a successful 2016 purchase or sale.  Call your Realtor and get an update or call us and we will be happy to discuss the myriad of steps you can take over the next several months to optimize your buying or selling process next year.

 

Gord McCormick, Broker of Record

Dawn Davey, Broker

Oasis Realty Brokerage

613-435-4692

www.oasisrealtyottawa.com

 

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