What an amazing month for the real estate market! Since July is such a vacation-heavy month, people are usually more focused on their summer than purchasing or selling their home. But compared to last year, the numbers tell a different story.
Here are the July 2019 numbers:
- Total number of units sold: 1,842 – up 14.8% from 1,605 in July 2018.
- Five year average unit sales for July: 1,579.
Although there’s a rise in new listings, there’s more demand than supply. Dwight Delahunt, President of Ottawa Real Estate Board, believes we need a three-month supply of listings to reach a balanced market.
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,382 – up 12.3% from 1,212 in July 2018.
- Average sale price of a residential-class property: $500,716 – up 11.4% from $443,634 in July 2018.
- Number of condominium-class properties sold: 460 – up 23% from 354 in July 2018.
- Average sale price of a condominium-class property: $308,482 – up 6.2% from $289,358 in July 2018.
Potential Global Recession
We’ve been so fortunate to have conducted in such a fruitful housing market but it could come to an end. Economists are predicting a global recession in the future months. Although it isn’t imminent, there’s a possibility. So, what does this mean for the real estate market? Most likely, housing prices will decrease in value and interest rates could rise higher in percentage.