Despite continued low inventory in the Ottawa real estate market, Days on Market (DOM) for both residential and condominium properties have decreased significantly over the last year, with residential properties only remaining on the market for an average of 33 days before being sold. This time last year, condominiums could expect to stay on the market for 47 days before selling, however, this number is now down to just 28 days. As current inventory remains low, the homes that are available are getting snapped up quickly.
“New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”
Home prices have continued to climb steadily over the past year, but when compared to other larger property markets, such as Toronto and Vancouver, residents in Ottawa are still able to benefit from a great quality of life in addition to affordable housing options. In Ottawa’s current market, approximately 36% of homes are selling over the asking price. However, homebuyers should not be discouraged — there are still many neighbourhoods within the city that offer a varied mix of housing options and property types.
- Members of the Ottawa Real Estate Board sold 1,607 residential properties in October 2019 (an increase of 16.9 per cent from the previous year).
- There were 1,211 sales in the residential property class (up 15 per cent from a year ago) with an average sale price of $483,405.
- October saw 396 sales in the condominium property class (a rise of 23 per cent from October 2018) with an average sale price of $319,208.
- The $350,000 to $499,999 range is the most active price point in the residential market, accounting for 43 per cent of home sales, while 30 per cent of residential sales were in the $500,000 to $749,999 range.
- The most active price point in October’s condominium market was $225,000-$349,999 accounting for 53 per cent of units sold.
With the housing market moving so quickly at the moment, it is important to work with an experienced Realtor® who can help you put together an attractive offer in a timely manner. 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.