In the month of October, the Ottawa real estate market took a dip in new listings, Liberal’s reduced their position in Parliament to a minority, and we saw a significant increase in $500-750k residential properties sold.
Here are the October 2019 numbers:
- Total number of units sold: 1,607 – up 16.9% from 1,375 in October 2018.
- Five-year average unit sales for October: 1,319.
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,211 – up 15% from 1,029 in October 2018.
- Average sale price of a residential-class property: $483,405 – up 7.6% from $446,666 in October 2018.
- Number of condominium-class properties sold: 396 – up 23% from 305 in October 2018.
- Average sale price of a condominium-class property: $319,208 – up 18.3% from $260,793 in October 2018.
“New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”
Homes Still Selling Over Asking
The trend over the summer was that multiple offers were becoming more popular. With there being so little available houses for sale, buyers were forced to compete with other buyers for their desired property. Because of this, more and more homes are going for over asking.
“Even though there are incidences of multiple offers and homes sold for over market value, the reality is that approximately 36% of homes are selling over asking, compared to 21% at this time last year. It is a phenomenon that is affecting specific pockets of the city, but certainly not every neighbourhood or property type,” Dwight Delahunt informs.
The more popular neighbourhoods, like Barrhaven or Stittsville, are bearing the fruit of this fact. Although it’s fantastic news to hear, this doesn’t mean you should sell your home on your own. You always want a professional in your corner who has your best interest at heart and wants the best purchase for your home.
If you’re looking to buy or sell your home, choose Paul Rushforth’s real estate team. Reach out to our team, and we’ll set you up with an agent who’s ready to listen and find out what you need. Contact us today!