The real estate numbers for the Ottawa Board are now out and they show a very interesting market.
The Ottawa Real Estate Board saw 2,070 residential properties sell in June compared with 2,163 in June 2017, a decrease of 4.3 per cent. June’s sales included 455 condos an increase of 11.5 per cent from June 2017 and 1,615 in the residential property class, a decrease of 8 per cent from a year ago.
“The robust condo numbers are likely fueled by lack of inventory, particularly in the lower price points of the single-family resale market. For example, in the first half of the year there has been a decrease of 37 per cent in the number of single-family units sold at the $250-275K price point and a 41 per cent decrease for the $275-300K price range, whereas there is a corresponding increase in condo sales of 49 per cent and 22 per cent respectively for those same price points,” (Ottawa Real Estate Board Press Release, July 5, 2018).
If you are thinking about selling this year, it is an excellent time to get on the market, especially if you are in suburban Ottawa. In several parts of the city houses sell quickly and often with bidding wars taking place. For instance, we know of one house which listed at $410,000, received 16 offers in a bidding war and sold for $466,000!
In rural Ottawa, the main issue is lack of inventory, especially in the lower price ranges.
The average sale price of a residential class property sold in June in the Ottawa area was $449,200, an increase of 3.4 per cent over June 2017. The average sale price for a condominium-class property was $293,303, an increase of 1.2 per cent from June 2017. Year to date, residential properties have seen a 5.2 per cent increase in average price with a 1.1 per cent price increase for condominiums. * (Ottawa Real Estate Board Press Release, July 5, 2018)
Here are a few sales numbers for this year up to the end of June:
Russell 45 Embrun 75 Limoges 60 Almonte 83 Casselman 36 Greely 106 Vernon 7
Osgoode 33 Metcalfe 25 Carleton Place 139 Winchester 19 Chesterville 22
Convent Glen/Convent Glen North 79 Convent Glen South 22 Chapel Hill 87 Chapel Hill South 64
Orleans Woods 30 Avalon area 387 Fallingbrook/Gardenway/Pineridge/Ridgemont 210
URBAN: SOUTH END OTTAWA
Findlay Creek-Deerfield Village 108 Riverside South 187 S Keys/Greenboro/Hunt Club Park 168
Elmvale Acres 81 Hunt Club 126 Alta Vista 180 Riverside Park/Mooney’s Bay 62
Stonebridge 127 Half Moon Bay 125 Longfields 194
As always if you would like more information, call or text us at 613-897-6839.
The Beardsley Team, Bev and Keith Beardsley, sales representatives and also Seniors Real Estate Specialists with Century 21 Action Power Team. We serve Ottawa/Orleans and the many rural communities that surround the city. If you have questions, we have answers. Call or text 613-897-6839 for more information.