Pent up demand from the spring adds to June
sales
Members of the Ottawa Real Estate Board sold 1,661
residential properties in June through the Board's Multiple Listing Service®
system, compared with 1,593 in June 2013, an increase of 4.3 per cent. The
five-year average for June is 1,636.
"It is now very apparent that the
long winter we experienced delayed the start of the normally busy spring
market," explains David Oikle, President-Elect of the Ottawa Real Estate Board.
"As a result, we saw a higher demand going into June, and more homes switching
hands. We've had a good May and June for residential sales, and average days on
the market has held steady at 42 days."
June's sales included 316 in the
condominium property class, and 1,345 in the residential property class. The
condominium property class includes any property, regardless of style (i.e.
detached, semi-detached, apartment, stacked etc.), which is registered as a
condominium, as well as properties which are co-operatives, life leases and
timeshares. The residential property class includes all other residential
properties.
"We're also seeing that the Ottawa market is doing well in
comparison to the first six months of 2013," says Oikle. "With positive numbers
in May and June, year-to-date units sold are now only off by 106 units; while
the average sale price has increased 1.5 per cent over a year ago."
The
average sale price of residential properties, including condominiums, sold in
June in the Ottawa area was $364,264, an increase of 1.4 per cent over June
2013. The average sale price for a condominium-class property was $258,135, a
decrease of 2.8 per cent over June 2013. The average sale price of a
residential-class property was $389,198, an increase of 1.8 per cent over June
2013. The Board cautions that average sale price information can be useful in
establishing trends over time but should not be used as an indicator that
specific properties have increased or decreased in value. The average sale price
is calculated based on the total dollar volume of all properties
sold.
"Currently the residential and condo unit inventory on hand is just
over 8,500, compared to approximately 7,500 last year," explains Oikle. "While
this moderate increase of 13 per cent in the inventory of residential and condo
units has created more selection for buyers, and increased competition for
sellers, this is consistent with an active spring market. Other properties such
as rentals, commercial properties, lots, etc. make up the balance of the
inventory available, currently standing at approximately 2,500
units."
The Ottawa Real Estate Board is an industry association of over
3,000 sales representatives and brokers in the Ottawa area. Members of the Board
are also members of the Canadian Real Estate Association.
Showing posts with label June. Show all posts
Showing posts with label June. Show all posts
Thursday, July 10, 2014
Wednesday, June 4, 2014
OTTAWA REAL ESTATE BOARD- May News Release
Spring buyers have come out of
hibernationMembers of the Ottawa Real Estate Board sold 1,792
residential properties in May through the Board's Multiple Listing Service®
system, compared with 1,797 in May 2013, a decrease of 0.3 per cent. The
five-year average for May is 1,765.
"Looking at the units sold this year in comparison to last year, there is only a difference of five units. April was a bit slow for the Ottawa market, but it appears that with the great weather in May, buyers have come out of hibernation," explains Randy Oickle, President of the Ottawa Real Estate Board. "May sales are up 26.2 per cent from April - or 372 units. The inventory on hand continues to grow, and prices remain stable."
May's sales included 303 in the condominium property class, and 1,489 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"If we look at the residential property class alone, the units sold year over year are up 1.2 per cent. Although the residential property class is performing as anticipated, the market for condos has been a bit sluggish," says Oickle. "We're seeing a 19 per cent increase in the amount of inventory on hand over this time last year and unit sales are down 7.1 per cent. If you are looking to buy and hold, the selection and prices are attractive. We encourage buyers to consult on of our member REALTORS® to get advice customized to their specific needs."
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $381,172, an increase of 3.2 per cent over May 2013. The average sale price for a condominium-class property was $280,661, an increase of 6.9 per cent over May 2013. The average sale price of a residential-class property was $401,626, an increase of 2.1 per cent over May 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
"Looking at the units sold this year in comparison to last year, there is only a difference of five units. April was a bit slow for the Ottawa market, but it appears that with the great weather in May, buyers have come out of hibernation," explains Randy Oickle, President of the Ottawa Real Estate Board. "May sales are up 26.2 per cent from April - or 372 units. The inventory on hand continues to grow, and prices remain stable."
May's sales included 303 in the condominium property class, and 1,489 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"If we look at the residential property class alone, the units sold year over year are up 1.2 per cent. Although the residential property class is performing as anticipated, the market for condos has been a bit sluggish," says Oickle. "We're seeing a 19 per cent increase in the amount of inventory on hand over this time last year and unit sales are down 7.1 per cent. If you are looking to buy and hold, the selection and prices are attractive. We encourage buyers to consult on of our member REALTORS® to get advice customized to their specific needs."
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $381,172, an increase of 3.2 per cent over May 2013. The average sale price for a condominium-class property was $280,661, an increase of 6.9 per cent over May 2013. The average sale price of a residential-class property was $401,626, an increase of 2.1 per cent over May 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
Thursday, July 4, 2013
OTTAWA REAL ESTATE BOARD-JUNE NEWS RELEASE...posted July 4, 2013
Condo sales dip below average, residential units remain
steady
Members of the Ottawa Real Estate Board sold 1,594 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,662 in June 2012, a decrease of 4.1 per cent.
"June sales are down a bit since last month, but even though there's a slight decrease, it seems to be the norm throughout the years," says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. "Since June 2003, with the exception of June 2011, sales have consistently decreased from May to June. This shows continued stability in the market over the last decade."
June's sales included 314 in the condominium property class, and 1,280 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"The condo market has dipped below average. The five-year average for June condo sales is 368 - putting June in at 17 per cent lower than the average," says Clarke. "Although, when you look at residential units sold, without looking at condo sales, the decrease from year to year is only one per cent. Inventory on hand had been building up since the beginning of the year, but we're now starting to see a small decrease, which will bring the Ottawa market into an even more balanced buyer/seller territory."
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $359,232, an increase of 1.9 per cent over June 2012. The average sale price for a condominium-class property was $265,410, a decrease of 4.3 per cent over June 2012. The average sale price of a residential-class property was $382,248, an increase of 2.2 per cent over June 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
Members of the Ottawa Real Estate Board sold 1,594 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,662 in June 2012, a decrease of 4.1 per cent.
"June sales are down a bit since last month, but even though there's a slight decrease, it seems to be the norm throughout the years," says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. "Since June 2003, with the exception of June 2011, sales have consistently decreased from May to June. This shows continued stability in the market over the last decade."
June's sales included 314 in the condominium property class, and 1,280 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"The condo market has dipped below average. The five-year average for June condo sales is 368 - putting June in at 17 per cent lower than the average," says Clarke. "Although, when you look at residential units sold, without looking at condo sales, the decrease from year to year is only one per cent. Inventory on hand had been building up since the beginning of the year, but we're now starting to see a small decrease, which will bring the Ottawa market into an even more balanced buyer/seller territory."
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $359,232, an increase of 1.9 per cent over June 2012. The average sale price for a condominium-class property was $265,410, a decrease of 4.3 per cent over June 2012. The average sale price of a residential-class property was $382,248, an increase of 2.2 per cent over June 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
Friday, August 3, 2012
JUNE & JULY 2012 STITTSVILLE RESALE MARKET STATISTICS
The Stittsville area is currently experiencing a high listing inventory. A total of 144 resale homes and condominiums are available for purchase. In the month of June, 98 resale homes (88 residential & 10 condominiums) were listed in Stittsville on the Board’s MLS® system while 85 resale homes were listed in the month of July (82 residential & 3 condominiums). Those numbers demonstrate a slight decrease from May's new listing inventory which totaled 102 resale homes (96 residential & 6 condominium).
At the same period last year, 85 resale homes (77 residential & 8 condominiums) were listed in the month of June while 84 homes (77 residential & 7 condominiums) were listed in the month of July.
The average number of days a new listing remained on the market in the month of June was 12 days compared to 6 days in the month of July. On average properties were selling faster in June and July compared to the month of May which on average took 16 days to sell.
On the down side, the total number of home sales decreased dramatically this summer compared to the number of resale homes sold in the month of May. The total number of resale homes sold through the board’s Multiple Listing Service in June was 46 homes (42 residential & 4 condominiums) while only a mere 8 homes of the 85 listed in the month of July sold (8 residential & 0 condominium)!!!! However a total of 42 homes sold in the month of July (36 Residential and 6 condominiums). At the same period last year a total of 52 (44 residential & 8 condominium) resale properties sold in June and 49 resale properties (42 residential & 7 condominium)sold in the month of July.
Overall, most properties seem to be sitting on the market in the Stittsville area these hot summer months! The heat wave is surely keeping residents near their pools, cottages and in their A/C homes! Could the new mortgage rules also have scared away some potential buyers, perhaps fear of rising interest rates? Sellers don't despair, we typically see an increase in home sales in the months of September and October and interest rates are predicted to remain steady for a couple more years.
Refer to the following table for a statistical breakdown of homes listed in the months of June and July based on price range.
Table 1: Freehold Residential Properties Listed in June, 2012
Table 1: Freehold Residential Properties Listed in July, 2012
Information above is compiled from the Ottawa Real Estate Board's Multiple Listing Services database as of August 2nd, 2012
At the same period last year, 85 resale homes (77 residential & 8 condominiums) were listed in the month of June while 84 homes (77 residential & 7 condominiums) were listed in the month of July.
The average number of days a new listing remained on the market in the month of June was 12 days compared to 6 days in the month of July. On average properties were selling faster in June and July compared to the month of May which on average took 16 days to sell.
On the down side, the total number of home sales decreased dramatically this summer compared to the number of resale homes sold in the month of May. The total number of resale homes sold through the board’s Multiple Listing Service in June was 46 homes (42 residential & 4 condominiums) while only a mere 8 homes of the 85 listed in the month of July sold (8 residential & 0 condominium)!!!! However a total of 42 homes sold in the month of July (36 Residential and 6 condominiums). At the same period last year a total of 52 (44 residential & 8 condominium) resale properties sold in June and 49 resale properties (42 residential & 7 condominium)sold in the month of July.
Overall, most properties seem to be sitting on the market in the Stittsville area these hot summer months! The heat wave is surely keeping residents near their pools, cottages and in their A/C homes! Could the new mortgage rules also have scared away some potential buyers, perhaps fear of rising interest rates? Sellers don't despair, we typically see an increase in home sales in the months of September and October and interest rates are predicted to remain steady for a couple more years.
Refer to the following table for a statistical breakdown of homes listed in the months of June and July based on price range.
Table 1: Freehold Residential Properties Listed in June, 2012
Information above is compiled from the Ottawa Real Estate Board's Multiple Listing Services database as of August 2nd, 2012
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