Weather isn’t Cooling the Resale Market! Highlights from the Ottawa Real Estate Board December 4, 2019
Ottawa Real Estate Highlights November 2019
- Members of the Ottawa Real Estate Board sold 1,288 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,161 in November 2018, an increase of 10.9 %.
- Residential: 958 Up 10.5 % from November 2018
- Condo: 330 Up 12.2 % from November 2018.
- The five-year average for November unit sales is 1,133.
“Even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November. Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market. That’s why there are so many sales every month even though the supply stock is low,” [President of the Ottawa Real Estate Board]
AVERAGE SALE PRICE
- Condo: $313,734, an increase of 9.8 % from November 2018
- Residential: $501,201, an increase of 16.9 % November 2018.
- Year to date figures show an 8.9 % and 9.1 % increase in average sale prices for residential and condominiums, respectively.*
MOST ACTIVE PRICE POINTS
- Condo: $225,000-$349,999, accounted for 57.5 % of the units sold
- Residential: $350,000-$499,999 accounted for 38.8 % of the units sold
- *Residential properties in the $500,000 to $749,999 range increased to 32 % of all residential resales.
LUXURY MARKET IS ON THE RISE
- 65 PROPERTIES IN THE $750K-$1M range sold in November 2019 compared to 24 in November 2018. UP 41% over this time last year.
- $1M+ plus range have increased to 29 sales last month from 15 sold in November 2018, UP 30% over this time last year.
- In addition to residential sales, OREB Members assisted clients with renting 2,559 properties since the beginning of the year.
*Average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
This article was first published on https://www.teamrealty.ca.