Members of the Ottawa Real Estate Board sold 712 residential properties in January through the Board’s Multiple Listing Service® System, compared with 664 in January 2017, an increase of 7.2 per cent. The five-year average for January sales is 638. Unit condo sales have seen an increase of 45% from 119 units sold in January 2017 to 173 units in January, 2018.
The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018’s listings were at 994 and 406 respectively. We saw this trend throughout 2017, and the result is our resale market is being challenged by decreasing supply in both the residential and condo markets. Furthermore, as supply decreases, it will tend to put an upward pressure on prices.
For homeowners thinking of selling, this is a good time to get your property on the market. With inventories low, sellers will certainly get attention because selection for buyers in some areas is quite limited.
The average sale price of a residential class property sold in January in the Ottawa area was $427,487, an increase of 8.8 per cent over January 2017. The average sale price for a condominium-class property was $263,744, a decrease of 8.6 per cent from January 2017.
Since every area is slightly different, please do give me a call if you are thinking of a move. I can help.