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May the market be on a consistent shift out of that seller's market frenzy? I think so!
As a trusted real estate advisor to my clients, I like to keep my sphere informed on the Ottawa real estate market. I specialize in helping families upsize their homes in the Ottawa area so they can get out of the “squish” and into a home that provides more comfort for the whole family.
The five-year average in May for properties sold is actually 2031 properties but, this past May, we had 1846 properties sold. Of that number, we saw 1384 properties in the residential class and 462 in the condominium class. As a whole, the number of properties sold did underperform in comparison to past years in May.
There are several factors impacting the decrease in activity in the Ottawa real estate market in the month of May. Inflation, higher interest rates, increased inventory and a major storm that hit the capital all played a role in the market for the month of May.
What are the average sale prices? The average condominium sale price was $472 920 and that's an increase of 11% over last year. The average residential sale price was $802 393 and that is an increase of 8% over last year. Another change we are seeing is the average days on market. It is now at 14 days on average for a property to stay on the market before being sold. Although this is an increase from the 5 days on average we were seeing in the most active time in the market, it’s important to note that this is still a fairly short time to have your home sold.
If you are a seller, don't panic! Reach out for advice because there's always a plan to be developed for your home. Every house is different and it depends on the condition, the location and the competition of other homes for sale in your area in order to determine the best selling price.
To all the families, June is here and the kids are almost done another school year. Happy summer!
*Data taken from Ottawa Real Estate Board May, 2022 market update*
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