Ottawa Market Update, September 2019
Members of the Ottawa Real Estate Board sold 1,549 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,386 in September 2018, an increase of 11.8 per cent. September’s sales included 1,113 in the residential-property class, up 6.9 per cent from a year ago, and 436 in the condominium-property category, an increase of 26.4 per cent from September 2018. The five-year average for September unit sales is 1,385. Even with limited supply, Buyers are finding properties they like and are making the necessary quick decisions so they can act immediately. It certainly helps to have an experienced REALTOR® on your side in this kind of market.
September’s average sale price for a condominium-class property was $309,373, an increase of 9 per cent from last year while the average sale price of a residential-class property was $487,438, an increase of 8 per cent from a year ago. Year to date figures show an 8.4 per cent and 8.1 per cent increase in average sale prices respectively. Condo prices have recovered, condo sellers are jumping back into the market, and as a result, condo sales have again led the way in unit sales.
There is a federal election coming up which typically brings a slowdown in the market. Up to now, we have seen no evidence of this and expect September to November to be busy listing and sales months. Consumers seem to be highly confident in our local economy and the Ottawa real estate market.
Every area is slightly different so if you are thinking of selling or buying a home, please do give me a call. This is, no doubt, your largest investment and it deserves all of the expertise you can find to help you through the transaction.
Kris
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