September of 2018 was a strong month for Ottawa’s resale housing market, with sales numbers above average and house and condo sales prices up more than 7 per cent over September of 2017.
In a news release, the Ottawa Real Estate Board says members of the board sold 1,393 residential properties in September through the MLS system. That’s up 0.7 per cent from the 1,383 properties sold in September of 2017. It’s also above the five-year average for September sales in the Ottawa area, which is 1,303.
The number of residential (non-condo) properties sold in September, at 1,046, was down 2.5 per cent from September of 2017. But sales of condo units, at 347, were up 11. 9 per cent from a year ago. This continues the encouraging condo resurgence we’ve seen in our market for many months.
“Condos continue to represent a greater proportion of year-to-date unit sales, with a 15 per cent increase from this time in 2017,” said Ralph Shaw, President of the Ottawa Real Estate Board, in a statement.
Overall inventory continues to be lower than usual.
“We continue to experience supply-side issues going into our fall market,” Ralph Shaw notes.
“The fact is, the number of residential sales would be much higher had we more robust inventory to draw from. Economic fundamentals are at play in our market, with a lack of supply putting an upward pressure on prices in some areas.”
Average sale prices for residential-class properties and condo properties were both up for the month. The average sale price of a residential-class property in September was $449,613. That’s an increase of 7.9 per cent over the average price in September of 2017.
The average price for a condominium unit sold in September was $282,781. That’s up 7.6 per cent from the same month last year.
“Condo price increases on a percentage basis are finally recovering and are catching up to the increase in residential prices, which is very encouraging news for condo owners,” Ralph Shaw says.
The most active price range in the residential (non-condo) house market was $300,000 to $449,999, representing 46 per cent of home sales for the month. The second most active range was $500,000 to $750,000, at 22 per cent of sales.
In the condo market, the most active range was $175,000 to $274,999. That range represented nearly 57 per cent of condo units sold in September.
The Board reminds homeowners that the average sale price for a specific month can be useful in establishing trends over time, but should not be taken as an indicator that specific properties have increased or decreased in value. As with any city’s resale market, conditions can vary from neighbourhood to neighbourhood.
If you’re interested in selling or buying property in the Ottawa area, feel free to give me a call at 613-747-4747. I’d be happy to chat about our market and about the expertise I offer, with more than 30 years of experience as a Realtor in our area.
The fall season can be a good time to list, as inventory is usually lower and sellers often have less competition than in the spring and summer.
As well. many buyers who are looking at this time of year are doing so because they have moved or been transferred to the region. These buyers tend to be serious, and want to decide on a new home quickly.