Steady as she goes. No major fluctuations for Ottawa
resales.
Members of the Ottawa Real Estate Board sold 1,339
residential properties in July through the Board's Multiple Listing Service®
system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July's
sales are just below the five-year average of 1,347.
"Although the number
of residential properties, including condominiums, is down since last year,
residential-class units sold increased 0.5 per cent from this time last year,"
says Tim Lee, President of the Ottawa Real Estate Board. "The market has
definitely cooled down since last year, as a result of the introduction of new
mortgage rules by the Government. However, Ottawa remains balanced, and we are
not seeing major fluctuations that other large Canadian cities sometimes
experience."
July's sales included 273 in the condominium property class,
and 1,066 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 average
sale price of residential properties, including condominiums, sold in July in
the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The
average sale price for a condominium-class property was $275,189, an increase of
3.7 per cent over July 2012. The average sale price of a residential-class
property was $381,156, an increase of 6.3 per cent over July 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.
"In July, there were
14 properties sold over $1 million," says Lee. "This is an 80 per cent increase
in this price range over July 2012. The fact that this many properties were sold
over $1 million in July definitely increases the average sale
price."
There is now a better way in which REALTORS® can determine price
trends in the housing market - the MLS® Home Price Index (HPI). Similar to
Canada's Consumer Price Index, the HPI measures housing asset price inflation
(or deflation).
"The HPI has been designed to offer a much more accurate
and reliable indication of changes in house value over time," says Lee. "Many of
the inconsistencies and inaccuracies of previous models did not allow for true
comparison of "apples" to "apples," but this model certainly does. The HPI will
be a valuable tool that REALTORS® can add to their toolkit. Buying and selling a
home is one of the biggest decisions a person will make in their life, and the
HPI can be used to help you get the right price. Contact an Ottawa-area REALTOR®
today to help you with buying or selling your house."
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.
Saturday, August 3, 2013
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.
Thursday, June 6, 2013
Ottawa Real Estate Board June 5th, 2013 News Release-May Market overview
The May market cools as the heat picks
up
Members of the Ottawa Real Estate Board sold 1,804 residential properties in May through the Board's Multiple Listing Service® system, compared with 1,890 in May 2012, a decrease of 4.6 per cent. The five-year average for May sales is 1,802.
"The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before," says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. "Residential units are faring well in comparison to condominiums, where the average sale price is down 2.3 per cent, and units sold are down 9.9 per cent. Residential bungalows and two-story homes comprised the majority of properties sold in May."
May's sales included 326 in the condominium property class, and 1,478 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 average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $370,501, an increase of 2.1 per cent over May 2012. The average sale price for a condominium-class property was $262,467, a decrease of 2.3 per cent over May 2012. The average sale price of a residential-class property was $394,331, an increase of 2.3 per cent over May 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.
"Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home," says Clarke. "Interest rates continue to be low, and there is a wide variety of inventory on hand. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live."
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 1,804 residential properties in May through the Board's Multiple Listing Service® system, compared with 1,890 in May 2012, a decrease of 4.6 per cent. The five-year average for May sales is 1,802.
"The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before," says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. "Residential units are faring well in comparison to condominiums, where the average sale price is down 2.3 per cent, and units sold are down 9.9 per cent. Residential bungalows and two-story homes comprised the majority of properties sold in May."
May's sales included 326 in the condominium property class, and 1,478 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 average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $370,501, an increase of 2.1 per cent over May 2012. The average sale price for a condominium-class property was $262,467, a decrease of 2.3 per cent over May 2012. The average sale price of a residential-class property was $394,331, an increase of 2.3 per cent over May 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.
"Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home," says Clarke. "Interest rates continue to be low, and there is a wide variety of inventory on hand. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live."
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, May 3, 2013
Ottawa Real Estate Board May 3rd, 2013 News Release-April Market overview
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An upswing in sales for the April
market
Ottawa, May 3, 2013
- Members of the Ottawa Real Estate Board sold 1,573 residential
properties in April through the Board’s Multiple Listing Service® system,
compared with 1,568 in April 2012, an increase of 0.3 per cent.
“The Ottawa market is doing well, and
gaining ground back since the “cool-down” of the market for the past five
months,” says Tim Lee, President of the Ottawa Real Estate Board. “We are on par
with the strong sales of last April, and the resale market is up 34.9 per cent
since last month. With the late onset of warmer weather, the traditional “spring
market” saw its upswing a little later this year. With interest rates continuing
to be low, Ottawa remains a healthy, stable market.”
April’s sales included 302 in the
condominium property class, and 1,271 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.
The average sale price of residential
properties, including condominiums, sold in April in the Ottawa area was
$371,565, an increase of 2.1 per cent over April 2012. The average sale price
for a condominium-class property was $266,596, a decrease of 2.3 per cent over
April 2012. The average sale price of a residential-class property was $396,507,
an increase of 2.9 per cent over April 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.
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Tuesday, March 19, 2013
OTTAWA REAL ESTATE BOARD-MARCH NEWS RELEASE
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Ottawa resale market up from
January
Ottawa, March 5, 2013
- Members of the Ottawa Real Estate Board sold 914 residential
properties in February through the Board’s Multiple Listing Service® system,
compared with 1,008 in February 2012, a decrease of 9.3 per cent.
“It is clear that the Ottawa resale market
has slowed down in comparison to this time last year,” says Tim Lee, President
of the Ottawa Real Estate Board. “The government was successful in its quest to
“cool down” the market. However, if we look at this month’s sales, in comparison
to last month’s sales, the market seems to be picking back up as we approach the
busy spring season – 315 more homes were sold in February, over January, even
with three fewer days.”
February’s sales included 224 in the
condominium property class, and 690 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.
The average sale price of residential
properties, including condominiums, sold in February in the Ottawa area was
$346,774, a slight decrease of 1.1 per cent over February 2012. The average sale
price for a condominium-class property was $264,953, a decrease of 3.1 per cent
over February 2012. The average sale price of a residential-class property was
$373,337 a slight decrease of 0.6 per cent over February 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.
“Even with the slight decline in sales
year-over-year, Ottawa continues to be a great place to buy and/or sell your
home,” says Lee. Talk to an Ottawa area REALTOR® for more information
about the housing market outlook where you live, or want to live.
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.
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Thursday, September 13, 2012
Stittsville August Market Statistics
Although, the Ottawa market is not as hot as what sellers are used to, Ottawa still maintains an incredibly strong market. For the past 5 years, while other parts of the world have suffered price drops in the Real Estate market, Ottawa has seen significant home price increases thanks to our record low interest rates, tighter mortgage rules and our military/government surroundings.
Although some buyers and sellers appear to be a little apprehensive about the market, the Ottawa market is still going strong. We are leaning toward a more balanced market as opposed to a Seller's market. This balanced market is more "normal". Buyers and Sellers have to wrap their heads around this change which means sellers becoming a little more patient with obtaining an offer for the sale of their home and buyers not having to compete to obtain their dream home.
And now, let's take a look at the Stittsville market statistics:
A total of 160 resale homes and condominiums are currently available for purchase in Stittsville.
In the month of August, 71 resale homes (66 residential & 5 condominiums) were listed in Stittsville on the Board’s MLS® system. This number is very close to last years numbers which saw 76 resale homes listed at the same period. These numbers are however a slight decrease from July's new listing inventory which totaled 85 resale homes (82 residential & 3 condominiums).
In the month of August, the total number of resale homes sold through the board’s Multiple Listing Service was 39 homes (39 residential & 0 condominiums) while 33 homes sold at the same period last year. (25 residential & 8 condominium)! The average number of days residential homes remained on the market in the month of August was 39 days, compared to 33 days in the month of July.
Refer to the following table for a statistical breakdown of homes listed in the month of August based on price range.
Table 1: Freehold Residential Properties listed in August.
Stittsville Market Statistics-Categorized by price range.
Information above was taken from the Ottawa Real Estate board's Multiple Listing Service on September 13, 2012.
Although some buyers and sellers appear to be a little apprehensive about the market, the Ottawa market is still going strong. We are leaning toward a more balanced market as opposed to a Seller's market. This balanced market is more "normal". Buyers and Sellers have to wrap their heads around this change which means sellers becoming a little more patient with obtaining an offer for the sale of their home and buyers not having to compete to obtain their dream home.
And now, let's take a look at the Stittsville market statistics:
A total of 160 resale homes and condominiums are currently available for purchase in Stittsville.
In the month of August, 71 resale homes (66 residential & 5 condominiums) were listed in Stittsville on the Board’s MLS® system. This number is very close to last years numbers which saw 76 resale homes listed at the same period. These numbers are however a slight decrease from July's new listing inventory which totaled 85 resale homes (82 residential & 3 condominiums).
In the month of August, the total number of resale homes sold through the board’s Multiple Listing Service was 39 homes (39 residential & 0 condominiums) while 33 homes sold at the same period last year. (25 residential & 8 condominium)! The average number of days residential homes remained on the market in the month of August was 39 days, compared to 33 days in the month of July.
Refer to the following table for a statistical breakdown of homes listed in the month of August based on price range.
Table 1: Freehold Residential Properties listed in August.
Stittsville Market Statistics-Categorized by price range.
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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