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The number of properties sold is down 27% from last August. What's going on in the Ottawa market for August, 2022?
Check out my monthly market blog update. I'm Liza Wilson, trusted real estate advisor, and I specialize in helping families upsize their homes and their life in the Ottawa area.
Traditionally, we have a slower market in the summer season. People are enjoying the weather and often taking vacations. The five year average for properties sold is just over 1600 properties. This August, we had 1137 properties sold (850 residential properties and 287 condominiums). So, yes we are well below the five year average but with the repetitive interest rate hikes we've had this is to be expected. Buyers are now taking their time in the home buying process.
What are the average selling prices? The average condominium sale price was $421,966 and that is an increase of 4% from last year. The average residential sale price was $707,712 and that's an increase of over 5% from last year. It's also important to keep in mind that although the media is projecting a sort of fear that the market is crumbling, we are in the normal ranges of the average increase we see in the Ottawa market year over year.
Inventory continues to increase and that is also contributing to more days on the market for sellers as buyers are presented with more choice. We are now seeing an average of 30 days on market for sellers which was the norm pre-pandemic market. This makes it easier for buyers to consider their best options and work with their real estate agent to submit an offer that matches their needs. Conditions in offers have become the norm again.
Buyers: If you stopped looking during the beginning of this year due to frustration of the market, it’s time to start looking again. It is a much more desirable market to be a buyer.
Sellers: It’s important to review sales of similar homes in your neighbourhood because pricing is vital to creating interest in your home. You also need to take the time to have your home show well to potential buyers so they feel it is in top condition compared to the other homes on the market.
If you have real estate questions, reach out! I love hearing from you.
*Data taken from Ottawa Real Estate Board monthly market report
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