October Market Update

 

THE FALL REAL ESTATE MARKET IS AS HOT AS EVER! With an increase of 11.8% in September 2019 sales compared to September 2018, despite the lower inventory, October and November are looking just as promising as the past few months. 

 

“Despite a challenging year of historically low inventory, September’s sales continue to be extremely strong, the likes of which we haven’t seen in the past 15 years,” commented Dwight Delahunt, President of the Ottawa Real Estate Board. He adds, “It’s quite amazing, with the limited supply, that the market is still moving well with purchasers finding properties that meet their requirements”. 

 

Delahunt acknowledges the need for working with a REALTOR® in this type of market, “Of course, in this kind of market where the process can be quite accelerated, you must be ready to make a decision quickly and be poised to act straightaway. That’s why it’s prudent to work with a REALTOR® — home sellers can expose their properties immediately, and buyers are able to have instant access to the latest listings posted to the MLS® System,” he advises.

 

Members of the Ottawa Real Estate Board sold 1,549 residential properties in September through the Multiple Listing Service System, compared with 1,386 in September 2018. This included September 2019 sales of:

 

Residential Properties: 

1,113 Units Sold – Increase of 6.9% since Sept. 2018

Average Sale Price of $487,438 – Increase of 8% since Sept. 2018

Price Range of $350,000 to $499,999 Accounted for 43.5% of Transactions

$500,000 to $749,999 Accounted for 28% of Transactions

 

Condominium Properties: 

436 Units Sold – Increase of 26.4% since Sept. 2018

Average Sale Price of $309,373 – Increase of 9% since Sept. 2018

Most Active Price Range from $225,000 to $349,999 Accounting for 56% of Transactions

 

The rest of October and November are not showing signs of slowing down, as suggested by Dwight Delahunt, “September to November typically tend to be busy listing and sales months; however, there is a federal election coming up, which normally brings a slowdown in the market. We haven’t seen that transpire this year, which suggests that consumers are highly confident in our local economy and the Ottawa real estate market.” 

 

This is great news for Ottawa real estate and means that if you are thinking about buying or selling I would do so before the winter months roll around.

 

We would love to offer you a free pricing consultation for your home . . . 

YOU MIGHT BE SURPRISED WHAT YOUR HOME IS WORTH!

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