This past month has been quite a whirlwind in terms of real estate in the Ottawa region! 2,189 residential properties were sold in July through MLS®, in comparison to 1,838 sold in July 2019 — we’re talking a year over year increase of 19%! It’s incredible what we have seen in the last few months here in Ottawa.. a complete bounce back and we have now surpassed 2019 figures significantly. In July, 1,646 home sales were residential property class (up 19% from a year ago) and 543 in the condo class (up 18% from a year ago). According to Ottawa Real Estate Board Stats the 5 year average for July Sales is 1,729. Crazy!
Even with current precautions of COVID-19 & inventory shortage, the market is still alive and well. Sellers are definitely receiving a return on their investment, however, it’s definitely a challenging time for those looking to enter the marketplace. Multiple offer situations are now becoming normal for many parts of the region as well, with over 57% of properties being sold over asking (compared to 33% of transactions in July 2019).
July’s average sale price for a residential property was $585,084, an increase of 20% from July 2019, and the average sale price for a condo was $357,764, an increase of 19% from this time a year ago. On top of all this, rentals have have seen an increase as well with 1,883 homes rented versus 1,619 rented this time a year ago.
For anyone who is contemplating selling and are able to move without the pressure of a purchase, or already have another residential property or land, now is definitely the time to reap the benefits of an amazing return on investment!
Source: Ottawa Real Estate Board, www.oreb.ca