Thanks to a robust condo market and increasing rural sales, Ottawa’s real estate continued its trend upwards this past month.
Here are the July 2018 numbers:
- Total number of units sold: 1,614 – an increase of 5.9% from 1,524 in July 2017.
- Five year average unit sales for July: 1,501.
Here are the specifics of easy property class:
- Number of residential-class properties sold: 1,238 – an increase of 3.6% from 1,198 in July 2017.
- Average sale price of a residential-class property: $441,206 – up 5% from $420,335 in July 2017.
- Number of condominium-class properties sold: 376 – up 14.3% from 332 in July 2017.
- Average sale price of a condominium-class property: $280,526 – up 5.3% from $267,641 in July 2017.
Higher Inventory Helping Keep Prices Affordable
While inventory levels are still down across the city, Ottawa Real Estate Board (OREB) president Ralph Shaw says that they, “are improving, which will help ease pressure on prices.”
“Units available are currently down 16% from July 2017 rather than the 24% we were down at the beginning of the year,” he says. Less pressure on prices will continue giving homeowners more options when it’s their time to buy.
More Buyers Opting for Rural Properties
More and more buyers are choosing rural properties over downtown locations.
“This is not only driven by availability but likely includes other attractive aspects in these well-established communities such as reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed,” explains Shaw.
Strong Economy Creates Strong, Competitive Market
“Ottawa’s healthy real estate market is a reflection of its strong economy which is consistently firing on all four cylinders due to a secure employment base,” says Shaw. “It remains a competitive market.”
In a competitive market, it is not uncommon to see multiple offers (when a home is priced correctly). Shaw continues to advise homeowners to work with a certified realtor to make sure they succeed in both buying and selling properties.
Succeed with Paul Rushforth
In a market like ours, you need a team that’s 100% with you throughout the entire process.
Whether you’re buying or selling, the Paul Rushforth Real Estate team is here to help you thrive in a fast-paced market. Our attention to detail and commitment to quality means we will get you the right house at the right price.