House Market in Ottawa – November 2018
The average house price in Ottawa for November 2018 in the residential-class property sold category was at $429,039, an increase of 2.6 per cent over November 2017. The average sale price for a condominium-class property was $285,764, an increase of 11.1 per cent from this month last year.
What are the active price points?
The $300,000 to $449,999 range remains the most active price point in the residential market. Accounting for 47 per cent of home sales while the $500,000 to $750,000 price range continues to represent one in five of all residential home sales again this past month. Between $175,000 to $274,999 was November’s most prevalent price point in the condominium market, accounting for almost 47 per cent of the units sold.
What is the average days the property was on the market in Ottawa?
Average residential-class property was on market in Ottawa for 44 days in November 2018, compare to 49 days in November 2017. The condominium-class property was on the market for 51 days, compare to 59 days in November 2017.
How is the housing inventory in Ottawa?
In November the Ottawa Real Estate Board sold 1,165 residential properties, out of the 1,165 there were 870 freehold houses, and 295 were condominiums. There currently are 1,886 residential and condominiums property listed for sale in Ottawa, a decrease of 23.5% from last year.
Buyer vs Sellers Market?
We are currently in a seller’s market, the inventory is lower than last year that we have been experiencing all year. If you are planning to sell this would be a great time since you will be able to get the best price in this market with our proven marketing strategies. Feel free to contact me for a free comparative market analysis.
What else is observed?
Even though home sales are down this month compared to a year ago, this is simply a reflection of the lack of inventory that we have been experiencing all year. Migration levels are expected to continue on the upswing, relatively low interest and high employment rates for the capital and surrounding areas, foreign investments, high demand for rentals, 4 generation groups (millennial’s, baby boomers, gen Y, etc ) being all in the market are some of the interesting trends we observe. January, July and October of 2019, the interest rates are expected to go up. Spring market now lasts for 12 months and markets like Ottawa will be in it for some time to come…Forecast for 2019 is not all that different from 2018 for Ottawa, all the best with buying and selling in the capital of the nation…