The Ottawa real estate market saw higher than average numbers in October of 2018, with the number of properties sold higher than usual and average sales prices up for residential properties and condominium units, the Ottawa Real Estate Board reports.
In other highlights of the Board’s report on October sales, the average days on market so far in 2018 is down from the same time last year.
And even with increases in average sales prices, the Ottawa resale market remains one of the most affordable in Canada. While up more than 5 per cent from last year, the average sales price in October for a residential-class property in our area remained just under $450,000.
The Real Estate Board says its members sold 1,383 residential properties in October through the Board’s Multiple Listing Service (MLS) system. That’s an increase of 11.8 per cent from the 1,237 properties that sold in October of 2017. It’s also above the five-year average for our region, which is 1,223.
The properties sold in October included 1,059 in the residential property class. That’s up 8.5 per cent from October of last year. In good news for condo sellers, October’s sales included 324 condominium properties _ a 24.1 per cent increase from the number sold a year ago.
The sales numbers for October “are truly indicative of the fast-paced market we have experienced for much of 2018,” says Ralph Shaw, President of the Real Estate Board. “In some pockets of the city, listings are not lingering on the market.”
As Shaw points out, the average number of days that a property is on the market before selling has dropped. Looking at year-to-date numbers, average days on market for residential properties has dropped from 45 days to 39 days compared with the same period last year. Average days on market for condominium units has dropped from 68 days to 51 days.
Ottawa’s lower inventory continues to be a major factor, Ralph Shaw says.
“If we look back at 2015 and 2016, our current inventory is less than half of what we had then, and it’s not improving. Compared to last year, condo inventory is down 34.5 per cent, while residential inventory is 17.5 per cent lower than October of 2017.”
The average sales price for a residential property in October of 2018 was $449,005. That’s up 5.7 per cent over the same month last year. The average sales price for a condominium property in October was $271,350, an increase of 0.6 per cent over the average sales price in October last year.
“Ottawa’s reputation as one of the most affordable cities in the country endures,” Ralph Shaw says.
In October, residential properties priced in the $300,000 to $449,999 range made up the biggest price point in our market, representing 43 per cent of home sales. Properties in the $500,000 to $750,000 range represented one out of every five sales for the month.
In the condominium market, properties priced in the $175,000 to $274,999 range accounted for almost 53 per cent of all units sold.
The Board says the number of apartment condo projects that have been approved by the City of Ottawa “will maintain price stability for this category of housing.” Ralph Shaw says that since rental inventory is also down 32 per cent from this time last year in our area, the condo market offers opportunities for renters who may be considering buying.
As it always does, the Real Estate 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, the prices in Ottawa vary from neighbourhood to neighbourhood.
If you’re considering selling or buying property in the Ottawa area, I’d be happy to meet and chat with you about the market in our city and in your specific neighbourhood. With more than 30 years of experience as a Realtor in the Ottawa area, I know our region well and offer expertise in helping buyers and sellers in neighbourhoods across the region. You can read more about me and my team and see my current listings at www.nancybenson.com. Feel free to give me a call at 613-747-4747.