Low Homes Inventory! CALLING UPON ALL OTTAWA SELLERS IN THE REGION!!!
TIME TO LIST AND SELL MY OTTAWA HOME IS NOW DON'T WAIT UNTIL SPRING! Here is an additional video why you should consider selling your home in the winter
Breaking Ottawa Real Estate News for January 2018!!
Low Inventory! CALLING UPON ALL OTTAWA SELLERS IN THE REGION!!!
Shortage of homes on the Ottawa market may leave Ottawa House Buyers in fierce multiple-offers competition now and the spring home sales season.
Real estate salespeople and members of the Ottawa Real Estate Board sold 712 residential homes in January 2018 through the Board’s Multiple Listing Service® System, in comparison with 664 in January of 2017, a rise of 7.2 per cent. The five-year average for January home sales is 638.
While January is usually the month we have a tendency to see all-time low range of listings come back onto the market, the numbers for this month are terribly low.
Please note that the five-year average for brand spanking new listings in January is 1,396 for residential and five hundred for condominiums.
January 2018’s listings were at 994 for residential and 406 for condos.
We saw this trend throughout 2017, and the result are in, our home resale market is being challenged by decreasing supply of homes in each the residential and condo Ottawa real estate markets.
What is more, because the supply most likely will continue to be reduced (because of the scare the mortgage-stress put on people), it will create an upward pressure on home prices, a good thing for sellers not so great for buyers. This is economics 101, as supply decreases the price of commodities increase.
WE NEED MORE SELLERS
The average sale price of a residential class property sold in January in the Ottawa area was $427,487, an increase of 8.8 per cent over January 2016. The average sale price for a condominium-class property was $263,744, a decrease of 8.6 per cent from January 2016.
The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood. January’s sales included 173 in the condominium property class and 539 in the residential property class.
Please download the pdf file below to see the data for yourself. Noteworthy, the most homes sold for the residential market, in January 2018, were in the $300,000 to $449,999 range, which accounted for 47.5 per cent of the whole resale market. While the most Ottawa homes sold, in the condo market, between $150,000 and $249,999, which accounted for 55 % of the whole market.
|Ottawa Real Estate Sales Activity January 2018 Versus January 2017.pdf||568.22 KB|