The average sale price for an Ottawa residential home in March was $559,739 _ up 16.5 % from March of 2019, and up 18.8 % year-to-date, the Ottawa Real Estate Board has reported.
In its announcement of sales numbers in the Ottawa resale market in March of 2020, the Board reports the average sale price for a condominium-class property for the month was $369,311. That’s an increase of 27.3 % over the average in March of last year and 23.2% increase year-to-date.
This is some of the good news to share from the month of March, when our lives changed because of the impact of the COVID-19 virus.
The real estate industry was deemed an essential service by the Ontario government for those who need to buy or sell because of their circumstances and to allow transactions that were in progress to go ahead, but we have been advising buyers and sellers to put their plans on hold if they can, until we see things turn around.
Though sales activity in March slowed down after Ontario’s State of Emergency was put in place on March 17, the overall sales volume was still slightly above the five-year average for the month.
Members of the Board sold 1,525 residential properties in March through the Multiple Listing Service (MLS) _ up slightly from the 1,507 sold in March of 2019. The five-year average for the month is 1,465.
“Much of March’s activity likely began in the first two weeks of the month, before the State of Emergency order was put into place,” says Deborah Burgoyne, President of the Real Estate Board.
“In fact, we had a head-start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measure took effect.”
“Once the Ontario State of Emergency began,” she said, “our members and brokerages rightly began to make all adjustments necessary for the health and wellbeing of our clients and customers. We welcomed the government’s declaration of real estate as an essential service so that transactions in progress could be completed. However, it was not and is not business as usual for our members. They are heeding government and public health authority warnings and advice and are being diligent in taking extra safety precautions.”
She also discussed the way we Realtors are changing how we do things for those who need to complete a purchase or sale.
“Our members are evolving and adapting their business practices by leveraging the use of technology, with virtual tours, live streaming, social media, and becoming more creative in their methods to facilitate the needs of their clients, who may need to buy or sell right now because of their circumstances.”
As she also explains, members of the Board “recognize the health and safety of our community is paramount and are consulting with their clients and advising that they need to delay the listing of their home or purchase. These decisions are being made on a case-by-case basis to ensure they are doing what’s best for their clients in the context of government advisories.”
If you have any questions about your plans to buy or sell in coming months, feel free to get in touch. I can tell you about conditions in the market and in your area of the city.
Keep in mind, as the Ottawa Board always cautions when it releases these figures, that while the average sale prices for a specific month can be useful in establishing trends over time, they shouldn’t be used 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 selling, we can also chat about things you can do as we wait for things to turn around. I’d be happy to look at photos or videos of your property and give some initial feedback and suggestions, for example.
CONTACT US.… OR Feel free to give me a call at 613-747-4747. Even with many of our regular activities on hold these days, it would be great to keep in touch.