The market continues to stay strong. Ottawa’s resale home market in May saw a nearly 50% increase in the number of sales transactions from April’s numbers. May also saw average sale prices up by more than 10% over the average prices in May of last year.
1,345 MLS listings were sold in May of 2020. While that number is down 44% from May of last year, it’s still well above the 913 properties that were sold in April.
From conversations with my own clients, it’s clear sellers are becoming more comfortable listing their properties in the current health crisis. We are all taking great precautions in how we handle showings and can offer a variety of solutions to suit your needs.
May’s sales in Ottawa included 1,066 in the residential property class and 279 in the condominium property class.
- The average sale price in May for a condominium unit was $343,589. That’s a 15.5% increase over the average sale price in May of 2019.
- The average sale price for a residential-class property, meanwhile, was $548,140, or an increase of 11.2% over the average price in May of last year.
Year-to-date average sale prices are $546,177 for residential properties and $348,458 for condominium units – that’s an increase of 13.8% and 17.8% respectively over 2019.
In a press release, Deb Burgoyne, President of the Ottawa Real Estate Board, expresses cautious optimism about our region’s market, noting the steady increase in average sale prices, even with the pandemic and a global recession occurring.
“Unquestionably, the fact that we are still in the midst of a sellers’ market is a contributing factor. Nevertheless, with our region’s stable employment and a continuous influx of newcomers, homeowners can take comfort in the knowledge that owning a property in Ottawa and its surrounding areas is a solid investment for yourselves and future generations.”
The Board cautions that average sale prices for a given month can be useful in establishing trends over time but should not be taken as an indicator that specific properties have increased or decreased in value. As with any city, prices in Ottawa vary from neighbourhood to neighbourhood.
If you’re considering buying or selling property in the Ottawa area I’d be happy to chat with you about your plans. I can also tell you about the precautions that we are taking in response to Covid-19. As just some examples:
- We can create an immersive virtual tour of your home to send to Buyers instead of inviting them inside for showings.
- For true showings of the property as they are needed, we can limit the number of visitors and require them to wear masks and gloves.
- We can ask that all visitors sign waivers that they have not travelled or felt unwell recently before they enter the home.
- We are encouraging our Sellers to leave all the lights on and all passage doors open to limit instances of “touching” by visitors.
Ottawa’s market continues to experience lower than usual inventory, as it did even before Covid. As such, new listings attract lots of attention and often sell quickly. One property I listed recently for clients, priced in the $800,000 range, (above the average price in our area), attracted multiple offers and sold within a week.
With more than 30 years of experience as a Realtor in Ottawa, I know the city and its neighbourhoods well, and have helped clients buy and sell through a wide range of market conditions.
View my current listings to get an idea of the sophisticated marketing and presentation we offer. Feel free to give me a call, at 613-747-4747.