Ottawa real estate agents sold 1,607 residential properties in October utilizing the Ottawa MLS Listings service (Multiple Listing Service® System), compared with 1,375 in October 2018, an increase of 16.9 per cent.
Number of Freehold Ottawa Homes and Ottawa Condos Sold
October’s sales included 1,211 in the residential freehold homes, up 15 per cent from a year ago, while 396 Ottawa condos sold, an increase of 23 per cent from October 2018. The five-year average for October unit sales is 1,319.
Ottawa Real Estate agents sold 1,607 residential properties in October through the Ottawa MLS Listings System, compared with 1,375 in October 2018, an increase of 16.9 per cent.
October’s sales included 1,211 in the residential-property class, up 15 per cent from a year ago, and 396 in the condominium-property category, an increase of 23 per cent from October 2018. The five-year average for October unit sales is 1,319.
“New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”
Number of Days on the Market
“October’s average Days on Market (DOM) for residential properties decreased by 10 days to 33 days, and the DOM for condominiums decreased to 28 days from the average 47 days experienced this time last year. Year to date figures show 31 DOM (down 8 days) for residential properties and 35 DOM (16 fewer days) for condominiums. Products are flying off the shelves, so to speak.” This is a strong Seller’s market in Ottawa real estate now.
Average October Real Estate Prices
October’s average sale price for Ottawa condos was $319,208, which is an increase of 18.3 per cent from 2018 while the average sale price of a freehold houses was $483,405, an increase of 7.6 per cent from a year ago.
Year to date figures show an 8.3 per cent and 9.1 per cent increase in average sale prices for residential and condominiums, respectively.*
“We are seeing slightly above-average climbs in home prices this year, and the equity in many properties is undoubtedly increasing, which is great news for homeowners. Still, the growths are reasonable considering the state of the market and Ottawa retains its reputation of being one of the country’s most affordable cities where residents can enjoy a high quality of life,” Delahunt acknowledges.
Most Popular Price Ranges in Ottawa Real Estate
The most active price range in the Ottawa condominium market was $225,000-$349,999, accounting for 53 per cent of the units sold while $350,000 to $499,999 represented the most prevalent price point in the freehold house residential market, accounting for 43 per cent of October’s transactions. Residential properties in the $500,000 to $749,999 range increased to 30 per cent of all residential resales.
“We are noticing a significant uptick in residential properties sold in the $500-750K price range. This price point now represents almost 1 in every 3 home sales.”
“Even though there are incidences of multiple offers and homes sold for over market value, the reality is that approximately 36% of homes are selling over asking, compared to 21% at this time last year. It is a phenomenon that is affecting specific pockets of the city, but certainly not every neighbourhood or property type.”
(Source: Ottawa Real Estate Board)