I hope that you have all been keeping cool in this heat! That might be making you think to buy a cottage, or maybe a larger home!
Not only is the weather hot right now but so is the Ottawa Real Estate Market.
This past month saw more and more businesses re-opening and lots of great patios to enjoy as well. Buyers and Sellers are becoming more accustomed to the new normal, and as Realtors we are still careful to maintain those protocols that prevent the further spread of COVID-19.
We continue to be in a strong Seller’s Market with less than one month’s supply of homes currently available. As Sellers become more confident and more homes are listed for sale, the market is rebounding to meet the pent-up demand. These rapid sale turnarounds do work to keep the inventory low however. Multiple offer situations are still common in most areas of our City and this is influencing market values – approximately 56% of properties sold for over asking in June 2020! These increases in sales truly resemble a Spring market moreso than the past Summer markets. Usually by July we would start to see a slow down, but this has been a unique year for sure.