Who would have thought we’d see numbers like these in September. As this is usually a time where people are settling in for school and new jobs, COVID-19 and the amount of listings on the market has changed how people are reacting to real estate in Ottawa.
Here are the September 2020 numbers:
Total number of units sold: 2,329 – up 51% from 1,547 in September 2019.
Five-year average unit sales for September: 1,602.
“The sheer volume of transactions in September, compared to a year ago, confirms the Ottawa resale market is continuing on its upward trajectory,” states Ottawa Real Estate Board President Deb Burgoyne. “The resale market in 2020, especially since the outset of the pandemic, has certainly not followed the usual spring and fall cycles we typically experience. This year has had its own distinct ebb and flow, and whether this momentum in our market will continue is difficult to predict.”
Here are the specifics for each property class:
Number of residential-class properties sold: 1,759 – up 58% from 739 in September 2019.
Average sale price of a residential-class property: $622,557 – up 28% from $448,241 in September 2019.
Number of condominium-class properties sold: 570 – up 31% from 393 in September 2019.
Average sale price of a condominium-class property: $373,565 – up 21% from $295,116 in September 2019.
What’s At Play Here?
“While average prices in September hit an all-time high, the movement at the higher end of the market is also likely driving this figure higher. September’s median prices, which is calculated removing the extreme upper and lower prices, do show more moderate price gains coming in at $570,000 for residential properties and $350,000 for condominiums,” Burgoyne acknowledges.
“Of course, the fundamentals of supply and demand remain at play, and our inventory shortage will continue to put Sellers in a position to capitalize on the current market. Additionally, the dynamics of purchasing behaviour is shifting as Buyers become more tolerant of the condition of a property or its location, for example.”