Ottawa’s resale real estate market enjoyed a booming September, even with inventory continuing to be lower than usual.
The number of properties sold in September of 2019 reached a 15-year high. Average sale prices were up 8 per cent for residential-class (non-condo) properties and 9 per cent for condominium properties over the average price in September of 2018, the Ottawa Real Estate Board has reported.
In September, members of the Board sold 1,549 residential properties through the Board’s Multiple Listing Service (MLS) System. That’s up 11.8 per cent from the 1,386 properties sold in September of 2018. It’s also well above the five-year average for September sales, which is 1,385.
The sales total for September included 436 condominium-class properties (up 26. 4 per cent from the number sold in September of last year) and 1,113 residential-class properties (up 6.9 per cent from the same month last year).
“Despite a challenging year of historically low inventory, September’s sales continue to be extremely strong, the likes of which we haven’t seen in the past 15 years,” said Dwight Delahunt, President of the Ottawa Real Estate Board, in a statement.
He said that while September to November “typically tend to be busy listings and sales months, 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.”
The average sale price for a condominium-class unit was $309,373. That’s an increase of 9 per cent over the average price in September of last year.
The average sale price of a residential-class property was $487,438. That’s an increase of 8 per cent over the average price in the same month last year.
Looking at the year-to-date numbers, which can be more reliable indicators than the average for a specific month, there was also good news.
The Board says year-to-date average sale prices were up 8.4 per cent and 8.1 per cent for residential properties and condos respectively.
Looking more closely at the condo market, the most active price point in September was for units in the $225,000 to $349,999 range, accounting for 56 per cent of the units sold in September.
In the residential-class property market, the most prevalent price point was the $350,000 to $499,999 range, accounting for 43.5 per cent of the homes sold in September. The next largest range was the $500,000 to $749,999 price point, which made up 28 per cent of the homes sold that month.
As it always does when releasing monthly sales numbers, the Ottawa Board cautions that while average sale prices for a specific month can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. As with any city, prices and conditions in Ottawa vary from neighbourhood to neighbourhood.
Looking at the overall sales activity in Ottawa in September, Dwight Delahunt says “it’s quite amazing, with the limited supply, that the market is still moving well, with purchasers finding properties that meet their requirements.”
He adds however, that “in this kind of market, you must be prepared to make a decision quickly and be poised to act straightaway. That’s why it’s prudent to work with a Realtor. Home sellers can expose their properties immediately, and buyers are able to have instant access to the latest listings posted to the MLS system.”
If you’re considering selling or buying property in the Ottawa area, I’d love to chat with you about the current market and conditions in your own area. With more than 30 years of experience as a Realtor in the city, I know the local market and the city’s neighbourhoods well, and I have extensive experience helping my clients navigate a variety of market conditions.
You can read about me and my team on my site, www.nancybenson.com, where you can also see my current listings. Feel free to give me a call, at 613-747-4747.