The temperatures in Ottawa were unusually frigid, but January of 2019 proved to be a hot month for sales in our region’s resale real estate market, with the highest sales volume we’ve seen in many years.
Sales numbers were up in January for both condominium units and residential-class properties compared with January of 2018. Average sale prices were also up, the Ottawa Real Estate Board reports.
In its press release announcing January sales results, the Board says its members sold 820 residential properties through the Multiple Listing Service System, an increase of 15.8 % over the 708 sold in January of 2018.
That total included 611 units in the residential property class (an increase of 14.2 %over the 2018 numbers) and 209 condominium units – an increase of 20.8 per cent over the sales in January of 2018. The total is also well above the five-year average for January sales in Ottawa, which is 683.
Considering the unusually cold weather we all experienced, it’s an impressive result.
“January is typically one of the slowest months of the year for local real estate. Yet, in spite of the record cold and snowfall, unit sales are up almost 16 %,” says Dwight Delahunt, President of the Ottawa Real Estate Board.
“This is the highest number of January transactions we have experienced in decades,” he adds.
Dwight Delahunt says “buyers are extremely motivated, despite the weather, and properties are moving very quickly, as days on market continue to decline. If you’re thinking of selling, you don’t have to wait for spring.”
As for prices, the average sale price of a residential-class property sold in Ottawa in January was $432,829. That’s an increase of 1.5 % over the number in January of 2018. The average sale price for a condominium-class property, meanwhile, was $283,990. That’s an increase of 7.7 % over the average sale price a year ago.
As Dwight Delahunt says, “even though inventory is at its lowest level in years, Ottawa’s home prices reflect reasonable appreciation. New builds are helping prices remain stable, with homebuilders adding enough supply to keep the market equitable,” he says.
“The fact is, there is quality and affordable housing available for almost every level of homebuyer in Ottawa.”
Ottawa’s affordability compared with other large Canadian cities is again highlighted simply by looking at the most active price points in our region. In the residential (non-condo) market, homes priced in the $300,000 to $449,999 range represented the most active price point, accounting for nearly 42.5 % of sales in January.
The next biggest price point was $500,000 to $750,000, representing 22.7 % of sales, the Board reports.
In the condo market, units priced from $175,000 to $274,999 represented 54.1 % of all units sold in January.
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 will vary in Ottawa from neighbourhood to neighbourhood.
If you’re interested in buying or selling property in the Ottawa area, I’d love to chat and tell you about the Ottawa market and conditions in your own neighbourhood. I can also tell you about the expertise I offer, with more than 30 years of experience as a Realtor in the Ottawa area.
You can visit my website, www.nancybenson.com, to get an idea of my services and see my current listings. You can also reach me at 613-747-4747.