Home Prices in Alta Vista
by Dave Williams
While the condo boom slows the Ottawa real estate market, some areas remain consistent and even others continue to show growth. By focusing on the local conditions of a neighbourhood, rather than the entire city, we can help home owners and potential buyers to better understand the conditions in their area of interest…or change it if the conditions are undesirable.
Alta Vista, on Ottawa’s east side is one of those mature neighborhoods that continue to move on regardless of the over all conditions. With a range of homes from Condo Townhouses to fantastic century old estates there is a home for every stage of life in Alta Vista.
Right now there are 70 houses for sale in Alta Vista, (and that’s just homes, we’ll talk about condos next week) ranging from $389,000 right up to $1,999,900.
Of these homes for sale, 6 have conditional contracts on them and took an average 32 days to get an accepted offer.
In the first 4 months of this year 69 homes have sold in Alta Vista for an average of $522,897, and taking an average of 33 days to sell. With 70 on the market now it would only take another 4 months to sell what’s currently on the market. That is considered a balanced market to most real estate economists.
For comparison, last year 68 sold in the same time frame for an average of $514,485 in 37 days. On all fronts this year is shaping up to be an improvement in Alta Vista. Sales have increased by 1.47%, prices are up (on average) by 1.64% and homes are selling 10.8% faster.
In Alta Vista last year (2012) 218 Homes were sold by OREB members, for an average price of $491,152, taking 37 days. That keeps the absorption rate at 18 homes sold each month. Unless a glut of houses come on the market this year Alta Vista should remain steady.
Let’s Break it Down
69 Homes sold in Alta Vista so far this year (as of April 30th),
10 of which were town homes, selling for an average of $429,410 in 27 Days.
8 – 5+ Bedroom homes sold for an average of $686,675 in 16 days.
30 – 4 Bedroom homes sold for an average of $558,817 in 46 days.
and 31 – 3 or less bedroom homes sold for an average of $445,872 in 26 days.
This Years Notables
6 of this years home sales were on Alta Vista Drive it’s self, making Alta Vista Drive the top selling street so far this year. These homes sold for an average of $489,816 (median sale was $492,500) in 35 days (median 29).
3 Homes, 2237 Bowman Road (listed by F. Dwight Delahunt), 1538 Caverley Street (listed by Chad Clost), and 2019 Featherston Drive (listed by Maria Roldan of HomeTeamOttawa.com ) all sold in 1 DAY!
Alta Vista’s highest sale this year was 417 Thessaly (listed by Dan Oakes).