Ottawa Real Estate, Market Watch August 2016

Bit of a delay in getting this one together as I have been smoking busy.  BUT, doesn’t change the fact that Ottawa is kicking all ass when it comes to homes selling.  In July I mentioned that we had broken records for 4 out of 7 months of the year.  Well tack on another in the win column!  August blew last years figures out of the water and came in with 16% more sales than 2015!!!

Total Sales of residential properties through MLS® in August 2016 was 1,484 units.  Best August on record for OREB!

Sales Prices of Residential Properties

–        Average sale prices have been steady all year.

–        Average sale price in August 2016 was $389,786. This is an increase of 2.5% over August 2015.

Listing Stats

–        Units listed in both residential and condo property classes are  declining indicating a shift towards a Seller’s Market.

–        Listings in August 2016 were 1,189 in  the residential property class and 295 in  the condo property class. 

Sales Prices for Condominium Class Properties

–        The average sale price was $272,166.  This is an increase of 11.1% over August 2015!  Note: Graph for YTD in condo prices for 2016 shows much more stability in condo resale prices compared to 2015.  This could be related to fewer new condo launches.

My analogy of all this, I’ve said it before and I’ll say it again, Ottawa’s Real Estate Market is GREAT!  Places are selling like crazy, bringing down the inventory levels.  The inventory levels have been high the last two years, thus why prices aren’t going up a whole lot.  With inventory levels dropping, demand will be higher for those on market and price will go up.  Next Spring is going to be a big year for Ottawa Real Estate, mark my words!

If you are thinking of selling or buying in the next year, don’t wait, contact me NOW!