OTTAWA MLS Results for September 2015
Normally a federal election has a dampening effect on the Ottawa housing market, this year is different.
The number of residential homes for sale in the month of September declined 9% compared to August this year. This is welcome news because the inventory has been very high all year. The current inventory is about the same as September 2014, 11% higher than in September 2013, with a 15% increase over September 2012.
The number of residential and condo properties sold is up 10% over September 2014. This is encouraging. We live in hope that this trend continues for the balance of the year. Time will tell but it would be great for Ottawa to end the year with monthly sales increases over 2014. A steady and convincing return to a balanced market is certainly better than the stagnant market we’ve all witnessed this year.
Although there was an improvement in the number of sales it’s interesting to note that 17% of all residential listing inventory sold in September. We always prefer to see a hi
The most active price range for residential sales continues to be in the $300,000 to $400,000 price range followed by the $200,000 to $300,000 range. Allow me to put this in perspective. Of the 1023 residential sales in September, 56.9% were in the $200,000 to $400,000 price range while 8.2% were less than $200,000. Additionally, 17.9% of sales were between $400,000 to $500,000, 12.9% in the $500,000-$750,000 range, 3.4% from $750,000 to $1million. Only 0.8% of the sales were over $1million. For condos, 57.5 % of the sales were under $250,000. There weren’t any sales over $1million. In fact, there was only one condo sale over $750,000.gher percentage of listed properties selling. This is a slight improvement over 2014 which saw a 14% of all residential inventory selling. The percentage of condos sold in September was only 11% while in September 2014 12% of all the condos sold.
The cumulative average days to sell is 93 days, a slight increase from 89 days in August 2015.
The average price for residential properties increased 0.5% to $385,142 over September 2014. The condo average was up 1.3% over the same period.
One month’s results doesn’t define a real estate market but September 2015 was unique. It was the first month, this year, where we had an increase in the number of sales and a decrease in inventory. As I mentioned earlier we live in hope that this trend continues. We’ll keep you posted until the end of the year.