The Year of the Tortoise (or who let the Hare have a nap?) – Ottawa’s 2012 Real Estate Market
by Dave Williams
Welcome to 2013, a year of new norms in real estate for Ottawa.
What is this new norm you ask?
Slow and Steady wins the race, or as the Ottawa Real Estate Board tagged it “Steady as she goes”, I just decided to play on their theme a little because 2012 wasn’t a year of steady growth, it was more like the tale of the Tortoise and the Hare.
The first quarter of last year looked as if it was going to be a record breaker, right out of the gates in the first quarter (Sales; Jan:684, Feb:1009, Mar:1396) we saw some high sales numbers and massive growth in the average sales price of homes sold in Ottawa, topping the charts at $374,472 in February.
The second quarter was Spring, and if you’ve lived in Ottawa for more that a year you know that the “For Sales” signs bloom faster than the flowers. Prices and sales stayed strong (Sales; Apr:1568, May:1896, Jun:1660) until the middle of the year…
…that’s when the hare decided to take a nap. The new mortgage rules were introduced, and the real estate market began to cool.
Of the following three months, only July was higher than the previous year (Sales; July:1366, Aug:1141, Sept:993) as the sales numbers sank back down to 2010 levels a stayed there consistently through the end of the year. (Sales; Oct:1073, Nov:931, Dec:618)
Take a look at the chart below to see the sales levels and average sales prices charted over the last 4 years.
The Average Price of those 14,308 homes was $351,792. Up 2.3% over 2011
The Final Score: Bronze Medal
Here’s a handy chart showing the increase in home prices and sales over the last 10 years.
Other Articles in the Ottawa Real Estate 2012 Review Series:
4 – The Truth about Your Condo – Ottawa’s 2012 Real Estate Market reviewed by Style of Home
Not intended to solicit business from anyone under contract with a REALTOR ®
©Dave Williams -2013-