The average sale prices of houses and condo units in Ottawa’s resale market in July of 2021 were both up 17% over the same month last year, the Ottawa Real Estate Board says.
In other highlights of its report on sales for the month, the Board says the Ottawa market has continued to become more balanced, after many months of favoring sellers.
In good news for buyers, there is more inventory on the market. After months of lower-than -usual inventory, the Board says new listings in July were above the five-year average for the month. Condo listings were up 23% over the same month last year, and residential inventory was up 19%.
As a result, we’re not seeing multiple-offer situations as often as we did for much of the past year, though they’re still happening in some areas and price ranges.
The average sale price of a residential-class property in July was $685,426. The average sale price of a condominium unit, meanwhile, was $419,545. Those prices mark a 17% increase over July of 2020.
Looking at the sales for the first seven months of 2021 and comparing them to the first seven months of last year, the average price for a condo unit was $422,339 (up 20%). The average for a residential-class property was $728,107 (up 30%).
“Overall, average prices have increased considerably from 2020, and year-to-date prices are holding steady,” Debra Wright, President of the Ottawa Real Estate Board, said in a statement.
But with more inventory on the market, she says, “sellers will need to keep in mind that the multiple-offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their Realtors.”
Members of the Ottawa Board sold 1,724 residential properties in July through the Board’s Multiple Listing Service (MLS) system. That’s just slightly below the five-year average for July, which is 1,775.
That total sales for July this year were down 21% from July of 2020. But sales last year were higher than usual because the busy spring market shifted to summer and fall months following the first provincial lockdown.
Sales volume for July of 2021 was more typical of this time of year and the cycle we usually see after the busy spring market, as sales slow down and buyers spend more time outdoors or at the cottage.
With more inventory on the market and fewer multiple-bid situations that drove up Ottawa prices rapidly, Debra Wright says, “we hope this may indicate that Ottawa’s resale market is moving towards a more balanced state, which would be good for everyone.”
The Board cautions, as it always does, that while average sale prices for a specific month can be useful in establishing trends over time, they 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 in the Ottawa area, I’d love to chat with you about the current market, conditions in your area and the expertise I can offer, with more than 30 years of experience as a Realtor in Ottawa.
You can read more about me and view my listings at www.nancybenson.com. Feel free to give me a call, at 613-747-4747.