January Resales Lose Momentum
There were 222 condominium properties sold in January 2020 as compared to 208 condos in 2019, for the same month. An increase of 6.7% in number of condo units sold!
The average sale price of a condo was $338,077 in January 2020, compared to an average sale price of $283,769 in 2019 for the same month. A 19.1% increase over the same time last year. The Ottawa condo market is alive and kicking folks!
There were 558 residential homes sold in January 2020 as compared to 609 in January 2019. An 8.4% decrease in the number of houses sold in the resale market in Ottawa.
2020 is off to a slower start as the shortage of inventory is now impacting market momentum. Although we have higher sales than the five-year average, due to increased condo sales, the persistent supply challenges seem to have finally caught up with us.
The average sale price, of a residential home, for January was $516,229 compared to an average sale price of $432,746 in 2019 for the same month. A 19.3% increase since this time last year.
The $300,000 – $400,000, and the $400,001 – $499,999 price range continues to have the highest concentration of properties sold, even though properties above the half million dollar mark are seeing significant increases, followed by the $150,000 – $299,999 range in condominiums. REALTORS assisted in renting roughly 243 properties since the beginning of 2020.
Ottawa is one of the most stable real estate markets in Canada. Prices remain steady in condos, residential units and multi-units, across the board. Re-visit OttawaHomesandCondos.com for all the latest updates! We have some great listings on our featured listings page; New real estate listings on the market!
Given excellent mortgage rates and flat pricing, this is an optimum time to emerge onto the market. Looking for a home? Please contact us. We want to be your agents! (613) 298-5101.