Ottawa’s resale real estate market enjoyed a hot and busy August, with average resale prices up by more than 11 % for residential homes and condo units.
Sales volume was also up 9.5 % over the number of properties sold in August of 2018, the Ottawa Real Estate Board reports in its summary of sales in our area for August of 2019.
Members of the Ottawa Real Estate Board sold 1,731 residential properties in August through the Multiple Listing Service (MLS) system. That’s up from the 1,581 properties sold in August of last year. The five-year average for August sales numbers in Ottawa is 1,522.
The 1,731 properties sold in August included 431 condominium units _ up 8.8 % from August of last year, and 1,300 residential homes _ up 9.7 % from August of 2018, the Board reports.
The increase in total properties sold for the month “is over twice the percentage increase experienced last year and three times higher than the previous August,” says Dwight Delahunt, President of the Ottawa Real Estate Board.
“However,” he notes, “Ottawa continues to undergo issues with inventory, as the limited supply persists.” The number of properties for sale in our city has been lower than usual for much of this year.
There is positive news in the increase in average prices for both residential homes and condominium units.
The average sale price for a condominium-class property in August was $308,781. That’s an increase of 11.5 % over the average sale price in August of 2018. The average sale price for a residential-class property in August was $484,921 _ an increase of 11.8 % over the average in August of last year.
As it always does, the Ottawa 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, prices and conditions in Ottawa vary from neighbourhood to neighbourhood.
However, there is other good news for homeowners in the report.
Year-to-date figures for the Ottawa market show an 8.4 % and 7.9 % increase in average sale prices for residential and condominiums respectively.
“Year-to-date average prices, which are more reliable indicators than monthly average prices, show steady, reasonable and sustained increases. We don’t anticipate there will be a major correction in the foreseeable future,” Dwight Delahunt says.
If you look at the sale price ranges that were most popular in Ottawa for homes and condo units, you’ll be reminded again how reasonable the prices are in our region, compared with Toronto and Vancouver.
Those who want to get into the real estate market have a much easier time of it in Ottawa than in those cities.
The most prevalent price range in the Ottawa area in August for residential homes was for properties priced from $350,000 to $499,999. That range made up 42 % of all August transactions. Homes priced in the $500,000 to $749,999 range made up 27 % of sales.
In the condo market, the most active price point was for properties in the $250,000 to $399,999 range. That range made up a full 50 % of condo unit sales in August. In downtown Toronto, it is not unusual to see one-bedroom condo units priced at $550,000 and higher.
If you are considering buying or selling a property in the Ottawa area, I’d love to meet and tell you about conditions in your area in our current market. With more than 30 years of experience as a Realtor in Ottawa, I know our city’s neighbourhoods well. You can read about me and my team on my site, at www.nancybenson.com, where you can also view my current listings to get an idea of the sophisticated presentation and marketing we offer for sellers. Feel free to give me a call, at 613-747-4747.