It seems as if April was the only month that really had any effect on the Ottawa real estate market. June is proof of that. With all the COVID-19 safety precautions, Ottawa buyers and sellers aren’t showing any signs of slowing down. Here are June’s numbers:
Here are the June 2020 numbers:
- Total number of units sold: 2,052 – down 2% from 2,096 in June 2019.
- Five-year average unit sales for June: 2,072.
“June’s new listings doubled compared to April and increased 45% from the number of listings that came onto the market in May. A consequence of these rapid sale turnarounds is that housing inventory does not have an opportunity to build,” says Ottawa Real Estate Board President Deborah Burgoyne.
“Residential inventory is now 52% lower than last year at this time, and condominium supply is down 42%. We continue to be in a strong Seller’s Market, with less than one month’s supply currently available.”
Here are the specifics for each property class:
- Number of residential-class properties sold: 1,622 – up 1% from 1,606 in June 2019.
- Average sale price of a residential-class property: $575,623 – up 15% from $489,280 in June 2019.
- Number of condominium-class properties sold: 430 – down 12% from 482 in June 2019.
- Average sale price of a condominium-class property: $360,922 – up 17% from $299,565 in June 2019.
So, what should we expect this summer for Ottawa real estate?
“We are seeing what I call a reverse slope. The market understandably experienced a bit of a valley, and now it is moving up the other side. Usually, it’s the other way around, and by July we would start to see a slow down as Buyers and Sellers turn their attention to summer activities. I anticipate that along with our region’s exceptionally hot summer forecasted by the Farmers’ Almanac, the Ottawa real estate market is likely to parallel that prediction.”