Listing inventory is the critical indicator to watch in 2016 Ottawa real estate
We have had some positive signs in the local real estate
market over the last few months and most industry watchers and participants
would expect it to be a good year in our marketplace. There are a still a couple of potential
“potholes” though and sellers will want to keep a close eye on what is
happening day in and day out.
Overall # Active Listings in 2016 vs 2011:
We think the most critical issue is listing both in
aggregate and by price range. While
total listing inventory has decreased slightly in recent months, we are still
carrying a very high number of listings compared to only a few years ago. For example, a quick statistic from our
Realtor system shows that total active listings at the end of January and
February 2016 were 75.1 and 56.1% higher than only 5 years ago in 2011. Unit reported sales have not increased
significantly to cover this excess inventory.
Listings by price range/level:
A dominant result of sales in 2015 showed a marked increase
in housing priced $300-$400K and $200K-$300K and if results continue to skew in
this fashion, does this mean we may have a shortage of listings in these price
categories? Does it mean higher priced
properties will suffer?
Supply and Demand can differ by neighbourhood and housing
type also:
Real estate is local and of course supply and demand may be
different in different locations across the area.
How long will it take my house to sell?
Probably the question not asked (or answered) enough by
sellers of their Realtors. Facts are as
follows: for the year ended Dec 2015 the average residential property sold in a
cumulative 83 days on the market and the average condo took 103 days. So if you need to have your house sold in 30
days or less, this needs to be a big part of the conversation and marketing and
pricing plan for your property/listing. We believe mid range properties should sell within 30 days at this busy time of the year.
Market is dynamic and moves fast at this busiest time of the
year:
Things move very quickly over the next 10-12 weeks and
sellers (and buyers) will want to make sure they are connected with a Realtor
who can help them stay abreast of market dynamics and all the competitive
pressures (ie don’t forget new home construction in the area!) that might get
in the way of obtaining a successful sale.
If you don’t already have a Realtor you are working with,
please give us a call and we will put our research and marketing programs to
work to get your listing sold and to help meet your overall housing
objective….and by the way, most sellers save 20-40% in real estate commissions
and HST by working with us vs the typical 5% fees of most franchise or
corporate Realtors.
Also FYI. Our
facebook page https://www.facebook.com/oasisrealtyottawa was recently ranked as the #1 Realtor and Brokerage facebook page
in Ottawa and #11 in the country by an online marketing company. (March 26th
2016 Likealyzer.com)
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com
www.oasisrealtyottawa.com
@OasisrealtyOTT