We got 101.8 centimetres of snow in January – but rather than slowing down buyers, it seemed to have the opposite effect!
“January is typically one of the slowest months of the year for local real estate,” explains the Ottawa Real Estate Board’s 2019 President, Dwight Delahunt. “Yet, in spite of the record cold and snowfall, unit sales are up almost 16%.”
Here are the January 2019 numbers:
- Total number of units sold: 820 – an increase of 16% from 708 in January 2018.
- Five year average unit sales for January: 683.4.
“This is the highest number of January transactions we have experienced in decades,” shares Delahunt. The Paul Rushforth Real Estate team alone sold 37 properties this month – 4.5% of the total number of sales.
Here are the specifics for each property class:
- Number of residential-class properties sold: 611 – up 14.2% from 535 in 2018.
- Average sale price of a residential-class property: $432,829 – up 1.5% from $426,310 in January 2018.
- Number of condominium-class properties sold: 209, up 20.8% from 173 in 2018.
- Average sale price of a condominium-class property: $283,990 – up 7.7% from $263,744 in January 2018.
New Builds Keeping Price Appreciation Reasonable
It’s no secret that there is a low level of inventory in the Ottawa real estate market. But, “Ottawa’s home prices reflect reasonable appreciation. New builds are helping prices remain stable with homebuilders adding enough supply to keep the market equitable,” explains Delahunt.
Thanks to the way Ottawa is laid out, we have the space to offer homeowners the kinds of homes and amenities they want. “We don’t have the supply constraints of Toronto and Vancouver because we have serviceable lots within a 20-minute drive,” of the downtown core and other hotspots.
What’s in Store for 2019?
When asked what he expected 2019 to be like for Ottawa’s real estate market, Delahunt was confident that the spring market would be robust.
“Based on last month’s sales, I’d say we go with Wiarton Willie’s prediction – it will likely be an early spring for the real estate market as well,” Delahunt says.
Now is the Time to List Your Home
There are plenty of serious buyers on the market right now – and your house could be just what they’re looking for as their next home.
Now is the time to list your home. Our team has the experience, knowledge, and skills to sell your home for the right price to the right buyer.