First off, you are all awesome! I have received such lovely feedback from those of you who take the time to read what I send out (aka probably those of you reading this right now!) so I promise I too will always take the time to include quality content – even when I am rich and famous and selling every home on the block… I’m sure that will be any day now 😀
You know what else I learned from your feedback? You people love Stats! Whodathunkit!? But I must say, I am very glad to hear it because the stats part of the MHD is the easiest part for me to do! I don’t have to come up with funny stuff to say, I just plug in some numbers and shabam, instant content. So hurrah for stats, the stats are here to stay.
With the new year still freshly upon us, the Real Estate News over the past month was an obsessive speculative look at the year ahead! So, we will pretend we are lined up at the grocery store check-out line and have a look at what all the headlines had to say – I’m sure at least one will be about a Kardashian. To summarize though: “The possibility of interest rates approaching record lows will provide even more opportunity for homebuyers,” explains President of the Ottawa Real Estate Board, David Oikle, “the Ottawa resale market remains steady, and we look forward to a productive year ahead.” That was for you first time buyers, you know who you are, give me a call! “Let’s get moving!” (that’s my new catch line btw, my newest client ensures me it’s a keeper :D)
For those of you that haven’t seen it yet, I had some particular fun with Photoshop last week which I am eager to share with you in a new section I will call; Look at me!
There has been a special request to talk about schools and the importance of knowing what district you are buying into, so look for that in an edition to come! Also, I will be sending out a mid-month video message soon to introduce myself to any friends you may have searching for a Realtor, so stay tuned 😀
Until next month friends – yours in Real Estate,
Stats and Trends
627 residential properties were sold in January 2015, compared with 587 in January 2014, an increase of 6.8 per cent. The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $348,617, an increase of 0.5 per cent over January 2014. Residential two-storey and bungalow properties had the highest concentration of buyers. Additionally, OREB members assisted clients with renting 183 units this month.
Here is how it all breaks down:
January’s sales included 114 in the condominium property class, and 513 in the residential property class.
Although the “months inventory” calculation is just an estimate using January’s data, it is a fact that both supply and demand will increase as we approach spring – the number of residential and condo properties listed in January (2,018) more than doubled the amount of newly listed properties from December – though it of course depends upon the pace at which the listed/sold ratio changes, this is still a good way to predict inventory levels.
The average sale price of the 513 residential-class properties sold in January was $370,442, an increase of 0.5 per cent over January 2014.
The average sale price of the 114 condominium-class properties sold in January was $250,406, a decrease of 5.8 per cent over January 2014.
So, how do you beat the odds and become one of these much coveted sold properties? Hire a professional (ahem, me) who will ensure, among other things, that you understand the current market conditions for properties like your own and the factors that go into determining an appropriate price at which to list your property – a price that will not only enable it to sell but also ensure you are happy with the return you receive. Priced too high a home will sit on the market, become stale, and eventually expire unsold… A sad tale.
In the News – what does the 2015 Housing Market have in store?
When looked at in terms of the Canada-wide market, Ottawa’s outlook is modest with a 1.6% growth projected. I see this as a positive as it suggests stability and longevity, it also means that people not yet in the market will have the opportunity to enter at their own pace without the pressure of getting imminently priced out. This article goes into some interesting factors affecting markets across Canada – from falling oil prices to levels of immigration – and has various links to spiral into, so enjoy the ride! If you don’t want to get trapped in a clicking loop, here’s a summary.
With new housing starts beginning to decline, the emphasis in the year ahead is expected to be on renovating what you’ve already got! Here’s a fun article that gets into the various aesthetic trends (well, if you are in the demographic that can afford it that is) and price points (!) that are dominating the home renovating / flipping landscape. If you don’t feel like reading, there are pretty pictures 😀
In the summary I mentioned the likelihood of interest rates remaining low, here’s a Financial Post article to give you bit more meat to that argument – if you like the stats section of the MHD you will like this article, there are graphs!
And now, finally, as promised…
Look at me!