Staying up to date on Ottawa’s changing real estate market is important if you’re planning on buying or selling a home in the next few months. Each month we share with you the average price, total sales and # of homes for sale in Ottawa on our Market Watch page.
Here is what’s happening in Ottawa’s real estate market right now.
As you can see house sales and average price in the residential field have continued to grow compared to last year while the time for a home to sell has increased. That is expected this time of year as home sales slow down, but the great news is home sales never stop. The best looking, prices and marketed homes still sell every month!
In the condominium class you can see there has been a drop in the number of sales and average price. This has been a trend we’ve been seeing all year and will probably continue to see for a few more years as Ottawa settles into a balance between new condo sales and existing condo sales. The condo market is in flux and varies deeply between buildings and communities, if you’re thinking of selling a condo I strongly suggest an in-depth market analysis for your particular community over these general statistics.
As we move into the winter months the number of homes coming on the market slows down and the % of homes that sell increases as there is less competition.