Our Ottawa Real Estate board stats are out for September and here’s what they say about the state of the Ottawa real estate market:
Number of Sales (1,119 units) – increase of 12.5%
Average Sale Price ($346,342) – decrease of 1.2%
Days on Market = 51 days
New Listings – increase of 3%
Inventory Absorption Rate – 5 months
Sales-to-Inventory Ratio – 16% (Balanced Market)
What this means is that there is way more inventory (it’s up three per cent from last month but a full eight per cent more than this time last year). And that gives buyers a lot to choose from.
Because there are so many more properties out there for sale, it’s not surprising that there are more sales relative to this time last year, but it is taking significantly longer to sell a property: 51 days on average, up from 47 days in the late summer. To put that in context, in April of 2012, it took an average of 27 days on market to sell a house in Ottawa.
Average prices are down again from last month, and down from the same time last year. Statistically, this points to a balanced market, but in practical terms, it’s a buyer’s market out there: there’s a lot to choose from and prices are coming down.
So, if you’re thinking of selling, you’ll need to be realistic and take the market into account (if you price your property too high, not only will it not sell, but it is likely to sell the competition instead!). Even if your property is well-priced, you can expect it to take quite a while longer to sell than it would have even a year ago. Which means you need to make sure it’s in the best possible condition to stand out in a highly competitive market, and shows at its very best.
If you are thinking of selling and would like me to do a walk-through with you to give you some tips on what you can do to help sell your property, give me a call at 613 725-1171. Happy to pop over!