Real Estate Market Snapshot: Hot Market in a Scorching July

The Ottawa Real Estate Board recorded the highest number of July sales in 15 years!

Real Estate Market Trends and Highlights July 2019

• 1,842 residential properties sold on MLS® in July 2019, compared with 1,605 in July 2018, an increase of 14.8 per cent.
• 1,382 in the residential-property class, up 12.3 per cent from a year ago
• 460 in the condominium-property category, a rise of 23 per cent from July 2018.
• The five-year average for July unit sales is 1,579.
• July’s average sale price for a condominium-class property was $299,665, an increase of 6.8 per cent from last year
• The average sale price of a residential-class property was $487,308, an increase of 10.4 per cent from a year ago.*
• The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 42 per cent of July’s transactions while 28 per cent of residential sales were in the $500,000 to $749,999 range.
• The most active price point in the condominium market, $225,000-$349,999, accounts for 52 per cent of the units sold.

“Typically, after the busy spring, July tends to be a slower month as people take vacations and spend more time with their families, but there was no slow down this past month,” President of the Ottawa Real Estate Board. “In fact, we recorded the highest number of July sales in 15 years. Also, for the first time in 2019, there was an upsurge in new listings which has slightly improved housing inventory. Although this is encouraging news, it is not enough to keep up with demand. In order to bring about a more balanced market, there needs to be at least a three-month supply of listings. Currently, Ottawa is closer to a one-month supply. In this type of market, it is vital that Sellers utilize the experience and advice of a REALTOR® to maximize your property’s potential — and if you are a Buyer, to guide you through the complexities this intricate market presents.”

 Market statistics including the 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.  If you would like information on particular market trends, real estate values and more, please contact us! We would be more than happy to answer any of your real estate questions, info@teamrealty.ca