Tomasz  Witek

Tomasz Witek

Salesperson

YOUR CHOICE REALTY CORP., Brokerage*

Mobile:
613-314-1199
Office:
(613) 369-5199
Email Me
Tomasz  Witek

Tomasz Witek

Salesperson

YOUR CHOICE REALTY CORP., Brokerage*

Mobile:
613-314-1199
Office:
(613) 369-5199
Email Me

Ottawa Real Estate Market Update For 2017. Ottawa Houses Sold in 2017. Ottawa Homes Sold in 2017.

 




You can download attachment for Ottawa real estate market update 2017 Statistics Tables under File Attachment Bottom - OR CLICK HERE TO OPEN PDF FILE YOU CAN SAVE IT TO YOUR COMPUTER!

SOURCE: THE OTTAWA REAL ESTATE BOARD Statistics - PUBLIC DATA RELEASED FOR 2017 Ottawa Real Estate Market Update - Ottawa Homes Sold in 2017 - Ottawa Houses Sold in 2017




Transcript: The wording has been a bit modified to create a better reading experience for people visiting https://www.JustSellingHomes.ca

Tom Witek: 

Hi my name is Tom, we appreciate you visiting https://www.JustSellingHomes.ca I am an Ottawa real estate salesperson and you can contact me by clicking link

As a REALTOR I love Ottawa real estate market statistics.

I think in order to properly help clients price their properties for sale and to get their properties sold, real estate salesperson needs to understand statistics - be always up-to-date, understand market dynamics, in order to properly advise their clients on the direction the market is moving and how they should price their home, where is their home's sweet sale spot, where their home will get sold within reasonable timeframe so that they can move on with their lives and let new buyers make new memories in the home.




So, without any further a due let's get into Ottawa real estate market statistics. 

December 2017 ended with definitely strong numbers for Ottawa real estate market. Local Ottawa real estate board members sold 771 residential homes last December in comparison to only 711 December 2016, this is an increase of 8.4%

We will know how Ottawa real estate market changes and performs as we get into February 2018 and then the spring months.

Do you think this 8.4% increase in sales had something to do with the anticipated recent mortgage stress changes that kicked-in January 2018?

December 2017 Ottawa Market Update statistics are as follows:

Residential class sales:  566 units sold in December 2017

Condominium class sales: 205 units sold in December 2017

Ottawa Real Estate Market Had An Increase in Number of Sales:

Ottawa Residential Class increase of 3.5% in December 2017 more than December 2016

Ottawa Condominium Class, a staggering, increase of 25% in December 2017, more than December 2016

The average sale price for Ottawa real estate market, for the residential class was $434,098 an increase of 3.4% from December 2016 data.

In Ottawa, the average sale price for condominium class, in December, was $255,355 a decrease of 3% since same period in 2016.

In my last Blog Post, I discussed Ontario sales activity and average sale price between 2016 and 2017 which diminished by 9.7%, with 2018 forecast a further reduction of 2.2% from average sale price of $586,000 to $573,700. This is for Ontario.


Now let's compare this to the whole year 2017 Statistics for Ottawa Real Estate Market, which are as follows:

2017 was a very good year for Ottawa real estate market, Ottawa residential class data shows that:

Number of sales increased by 7.2%, from 12, 588 units to 13,495 units in that category, AND for condo over market - an increase of units sold - 22.1% in 2017, from 2,938 to 3,588.The aggregate number of sales for BOTH classes, Ottawa residential and Condominium Class, in 2017 there were 17,083 units sold, which is amazing. The 5 year average is around 15,000-16,000 units sold year-in and year-out. 

What will 2018 sales look like?

2017 average sale price for Ottawa residential market was $425,063 an increase of 6.8% over 2016, while the average Ottawa condominium sale price was $269,903 an increase of 3.4% over 2016.

Are you curious what the total change is for the Total Sales Volume for all units sold in Ottawa Real Estate market? This includes everything that got sold through the Ottawa Real Estate Board's Multiple Listing Service System:

Property classes are: residential, condominium, lots, multi-family, and farms.

In 2016 there were 16,127 number of units sold in aggregate, and in 2017- 17,768 units sold, an INCREASE of 10.2% YEAH GO OTTAWA REAL ESTATE MARKET

Total Sales Volume, Dollars that exchange hands in Ottawa, in 2016, in aggregate for all property classes, $5,959,866,329 which is 5.96 Billion DOLLARS, and in 2017 money exchanged hands in the amount of $6,922,210,631 which is 6.92 BILLION a very health increase of 16.1%. This is why real estate is a great investment vehicle and investors know it in 2017 most reaped the benefits of owning and investing in real estate.


Another indicator we can quickly review is the (DOM) or Days On The Market Numbers.

On average, homes sell with specific number of days within each property class, taking into account style of home and more importantly area where that home is located.

When a home is on the market for longer than the average days for their area the likelihood that it sells drastically diminishes. You can contact me for DOM number for your area! The average days on the market for residential class in 2016 was 56 days and in 2017 46 days, which means that homes sold faster by 18.3% on average. The average days on the market for condominium class in 2017 dropped from 70 to 68 days on the market which is only 3.9% change. Showing that condominium market REBOUNDED, because we had 22.1% more sales than 2016 - actual units selling, they were selling within about the same time 68 days, with average sale prices of approximately $269,000. The residential market performed well, we had 7.2% more sales than 2016, with DOM of 46, the 6.8% increase in prices with average price just shy of $425,000.

So, the numbers look very good in comparison to Toronto or Vancouver, the average sale price is still below $500,000 which is great for investors. Ottawa is open for further investment. Ottawa is open for business.




You can download attachment for Ottawa real estate market update 2017 Statistics Tables under File Attachment Bottom - OR CLICK HERE TO OPEN PDF FILE YOU CAN SAVE IT TO YOUR COMPUTER!

SOURCE: THE OTTAWA REAL ESTATE BOARD Statistics - PUBLIC DATA RELEASED FOR 2017 Ottawa Real Estate Market Update - Ottawa Homes Sold in 2017 - Ottawa Houses Sold in 2017




 

 

 

 

 

Disclaimer: The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

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Education: Master of Arts, M.A. with specialization in International Affairs. Bachelor of International Business, B.I.B. OREA College Real Estate Education

Languages Spoken: English, Italian, Polish, Spanish