Optimism lifts residential and condo sales in Ottawa November 2015 results
Optimistic unit sales
for both residential and condo markets in November:
Ottawa buyers and sellers were active in November in the
fresh optimism generated by the new Federal Government. Unit sales were very positive for the month
with residential sales up 9.7% for the month vs November last year and condo
unit sales up nicely by 17.1%.
On a year-to-date basis residential unit sales are up 6.1%
and condo sales are flat at +.7%.
Prices remain pretty
flat overall:
Year-to-date average prices for residential sales are up by
1.7% to $392,183 and the average condo price sold this year has dropped by 1.1%
to $260,278.
How long does it take
to sell on average?
The average residential property sold this year after a cumulative
listing period of 82 days on the market vs 77 days last year. The average condo sold in 102 days compared
with 87 days a year ago.
Listing inventory
easing slightly overall:
Overall listing inventory has pulled back slightly from some
record setting levels mid-year.
Residential listings are currently15.6% higher than the 5 year average
and condos are 31.9% higher.
Listing inventory is overweight higher end properties at
$500,000 and above, compared to recent sales patterns. Currently listing inventory above $500K is
over 20% of all listings while sales above $500K are only about 15% on a
year-to-date basis.
Rental market on MLS®
continues to surge:
Realtors continue to generate more rental listings and lease
agreements for their clients than ever and rental inventory is up 50% compared
to the 5 year average. Whether this
reflects more investor owners or simply sellers who were not able to sell at a
desired price point, we cannot be sure.
Listing
cancellations, withdrawals and expiries remain high:
The number of listings that don’t sell and expire or are
terminated by the sellers remains at historically significant levels. If these sellers have quit the market then
this is a good thing as it lessens what has been a supply/demand imbalance in favour
of buyers. If however, these properties
are just off the market temporarily and will return to active listing status in
2016 this may mean our inventory issues will continue.
It is never too early to plan your purchase or sale for
2016, though we escape for several weeks in the New Year, we are always
available by email, text or skype/cell to help you meet your objectives.
Merry Christmas and best wishes for a successful 2016!
Dawn Davey, Broker
Gord McCormick, Broker of Record
Oasis Realty Brokerage
613-435-4692 office
613-371-9691 mobile/text
oasisrealty@rogers.com