Ottawa’s resale housing market saw a busier than usual November, with the number of sales above average for the month and properties selling quickly, partly because of continuing low inventory, the Ottawa Real Estate Board reports.
In its news release on Ottawa’s market in November of 2019, the Board says its members sold 1,288 residential properties through the Multiple Listing Service (MLS) system.
That’s up 10.9 % over the 1,161 properties sold in our area in November of 2018. And it’s above the five-year average for November sales, which is 1,133.
The properties included 330 in the condominium property class (up 12 % from November of last year) and 958 in the residential property class (up 10.5 % from the number sold in November of 2018).
“Even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November,” Ottawa Real Estate Board President Dwight Delahunt said in a statement.
“Our inventory is not having a chance to build, as it is being absorbed as quickly as it comes on the market. That’s why there are so many sales every month, even though the supply stock is low,” he said.
The average sale price for a condominium unit in November was $313,734 _ an increase of 9.8 % over the average price in November of last year.
The average sale price of a residential-class property, at $501,201, was up 16.9 % from the average price in November of 2018.
Looking at year-to-date figures, which are a more reliable indicator than prices for a specific month, average sale prices have seen an 8.9 % increase for residential properties and a 9.1 % increase for condominium units, the Board reports.
On the condominium market, most of the sales in November were for units priced from $225,000 to $349,999, which made up 57 % of condo sales for the month.
In the residential market, the most prevalent price point in November was for properties priced from $350,000 to $499,999, which made up 38.8 % of transactions. Residential properties priced from $500,000 to $749,999 represented 32 % of residential sales.
Also of note, the Real Estate Board reports “substantial increases” in the number of properties sold in the higher end of the market. In November, 65 units were sold in the $750,000-$1 million range, compared with 24 in the same month last year. As well, there were 29 properties in November that sold in the $1 million-plus range, up from 15 in November of 2018.
The Ottawa Board cautions that while average sale prices in 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 in Ottawa vary from neighbourhood to neighbourhood.
If you’re considering buying or selling property in the Ottawa area, I’d love to meet and chat with you about the current market in our city and conditions in your area. With more than 30 years of experience as a Realtor in this region, I know the city well and I’ve helped hundreds of buyers and sellers navigate the full range of market conditions.
You can read about me and my services on my site, www.nancybenson.com.
Feel free to give me a call, at 613-747-4747.