Although we have seen historically low inventory throughout 2019, the Ottawa real estate market has continued to thrive with strong sales that have seen a marked increase over the previous year. Despite the limited supply of housing available, the market continues to move quickly along indicating that homebuyers are finding properties that are well-suited to their needs.
Those condo owners thinking about putting their property on the market would do well to consider selling now. The condominium market continues to lead September’s unit sales — thanks in part to sellers taking advantage of the current condominium prices, which have recovered well from previous years.
The fall real estate market is showing no signs of slowing down. Says Dwight Delahunt, President of the Ottawa Real Estate Board: “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.”
- Members of the Ottawa Real Estate Board sold 1,549 residential properties in September 2019 (an increase of 11.8 per cent from the previous year).
- There were 1,113 sales in the residential property class (up 6.9 per cent from a year ago) with an average sale price of $487,438.
- September saw 436 sales in the condominium property class (a rise of 26.4 per cent from September 2018) with an average sale price of $309,373.
- The $350,000 to $499,999 range is the most active price point in the residential market, accounting for 43.5 per cent of home sales, while 28 per cent of residential sales were in the $500,000 to $749,999 range.
- The most active price point in the condominium market was the $225,000-$349,999 range, accounting for 56 per cent of the units sold.
With things moving so quickly in the current Ottawa real estate market, you may need to be prepared to make a quick decision and act accordingly. To ensure you are aware of all the latest listings on the market, enlist the services of an experienced RealtorⓇ who has access to the MLS® System and can share the most current properties available with you.
If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about the current real estate market in Ottawa, please contact our team of expert Realtors® at Royal LePage Performance Realty today. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.