2,052 Residential Homes were sold in the Month of June, compared with 2,096 sold this time in 2019. While unit sales were down 55% in April & 44% in May, June is now only down 2% of figures this time last year — We can definitely agree that Buyers, Sellers, as well as Agents are adapting to the “new normal” here in Ottawa!
The only consequence of this surge of sales is that the housing inventory doesn’t have a chance to rebuild. According to OREB, inventory is now 52% lower than last year at this time, creating an even stronger seller’s market in the Ottawa area.
June’s average sale price has seen a 15% increase from a year ago with the average sale price for a residential property at $575,623. We are now seeing double digit growth over last year in the Ottawa market, with multiple offer scenarios becoming all the more common with 56% of properties sold over asking price in June – Wow!
We can expect to see the resale market begin to slow now that summer weather is now in full swing, and families are ready to take advantage of it before the fall sneaks up once again.
June Market Stats Breakdown:
If you have any questions about the current market place, or if now is the right time to Buy or Sell, Contact us today!