Have you been considering listing your Ottawa house or condo for sale in 2020, but have been hesitant, thinking you should wait until spring?
In fact, Ottawa’s market conditions are considered “a sellers’ market” and there are several reasons why listing your property in February, March or early April could be a winning strategy.
HERE ARE SOME GOOD REASONS:
Buyers are resuming their searches after the holiday season
Many people who have been considering looking for a home or were already looking for one take a break over the holiday season but are now eager to buy. Some sellers removed their properties from the market (briefly) over the holiday season but now are back on the market and/or quickly sold in the past couple of weeks.
Beating the spring rush means less competition
When you list in February or March, your property goes on to the market at a time when inventory is traditionally low. A new listing, particularly in a popular neighbourhood, will naturally get more attention and notice from buyers than in mid-spring, when many more listings are entering the market and your property has more competition for attention.
Ottawa’s lower-than-usual Inventory shows no signs of changing
Inventory is traditionally lower at this time of year than in the spring-summer season.
In Ottawa, however, our market has had lower than usual inventory for much of the past year. Many owners have seen this trend and are eagerly entering the market in the hopes of selling now with a longer closing date. Then….shopping in the spring when prices level off and inventory is higher.
In the recent January report (from the Ottawa Real Estate Board) the report summarizes the Ottawa resale market of 2019, as being historically low inventory. As we enter the new year, inventory is still very low however the daily listings are increasing, and we will likely see more homes on the market in May and June this year in comparison to last year’s inventory.
On a positive note, while inventory was low, the number of properties sold in Ottawa in 2019 reached a record high, with 18,622 properties sold. That was up 6.6 % over the numbers sold in 2018.
Average sale prices also reached record levels, the Board reported. In several months of 2019, the average sale price of a residential property class (non-condo) home reached $500,000.
Looking at the entire year of 2019, the average sale price in Ottawa for a residential-class property was $486,590 _ up 8.9 % from 2018. The average sale price of a condominium unit in 2019 was $304,203 _ up 9.3 % from the previous year.
The Board reported that the average number of days on the market in 2019 continued to decline, particularly in the city’s most popular neighbourhoods, where properties “were snapped up by prepared buyers.”
If you’re considering listing a property in 2020, I’d love to chat and give you feedback on your property and neighbourhood and the strategy and listing date I feel would be best.
As with any city, conditions in Ottawa vary from neighbourhood to neighbourhood, and I’m happy to give you specifics on your property and area of the city.
With more than 30 years of experience as a Realtor in Ottawa, I’ve helped sellers and buyers in a wide range of market conditions, and I’m proud of my record helping clients navigate those conditions.
You can find more about me and read testimonials from clients at www.nancybenson.com. Feel free to give me a call, at 613-747-4747.