I hope that you all had a lovely Thanksgiving and enjoyed the long weekend 🙂
There is certainly a lot to be thankful for if you are a seller in Ottawa right now! Sale prices are historically high and inventory is historically low… It’s not as much fun to be on the buying side, but trust me there are still deals to be had! Sometimes it just takes a few properties to get there…But more about all this below in stats.
Wow, so how about that light rail… not off to a great start! I am still trying to bike for my shorter commutes, but I did ride the train once so far, and I thought it was lovely, it reminded me of being in Europe… Of course, I was not one of those unfortunate people trapped trying to get to work, so I certainly hope this gets sorted out soon so that it can be enjoyable for all… As there are a few hundred of you receiving this newsletter, I will do a public service announcement; don’t try and hold the train doors open!
I’m sure I don’t need to remind you all, but the federal election is upon us! I voted today. For those of you who haven’t had a chance, here’s a handy link where you can find all the info you may need regarding voting locations and more… Now as for who to vote for, I can’t help you there.
Well time to read on and get caught up on the Ottawa market! If you make it to the end there are some photos waiting for you of… my new home! Yes, I finally moved and let me tell you, going through the process of moving myself has made me feel sorry for every one of my buyers since! It is not fun… But being settled in your new home will make it all worth it, trust me 🙂
2019 Sales Snapshot: Residential
- September’s average sale price for residential-class properties was $487,438, an increase of 8% from this time a year ago.
- The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 43.5% of September’s transactions while 28% of residential sales were in the $500,000 to $749,999 range.
- This could translate to a great opportunity for those looking to sell and move into a more expensive property – for instance first home to forever home – as the demand for properties in the average price range are those that have accelerated the fastest, based on the heavy demand, while the higher price range properties have remained more steady year over year. Making a killing on your sale therefore doesn’t mean you will over pay for what you buy!
2019 Sales Snapshot: Condominium
- September’s average sale price for condominium-class properties was $309,373, an increase of 9% from this time last year.
- Meaning that for a fourth month so far this year, the average sale price for condos has been over $300,000, a threshold crossed for the first time ever in April.
- Inventory is also historically low, with 436 condos selling in September from an inventory of only 595 properties of this class.
- If you are wondering when would be a good time to cash in on a condo, for instance if you want the equity for your next home, the answer is now. With construction ongoing, there will likely eventually be a more stabilized supply and demand. While price trends are not likely to change, this just means more competition in the future and generally this translates into more days on market to sell.
In a nut shell…
Dealing with a market like this is challenging for both buyers and sellers and I highly recommend you seek professional assistance whether buying or selling – obviously, I hope this professional is me! But even if it isn’t, be sure to have someone knowledgeable in your corner.
While I have been on the other side of un/under-represented individuals getting the best deals for my clients, I can’t help but feel bad for those who have chosen to go it alone or with a “discount” brokerage and are therefore not getting what they could in this market.
If you want to understand more about the reasons behind this and really get into details about this market, I would love to chat!
I moved too! Here are some pics of my new abode…
That’s all for October friends!
Don’t forget to follow me on Instagram @KaylaMeyer613!
And, as always, if you know of anyone who may be interested in buying or selling a home in Ottawa, please feel free to send them my way, it would be my pleasure to assist – your referrals are what keep me going strong!
Until next month,