There has been a lot of talk lately about the state of the Ottawa real estate market. Concern has risen that we have entered a housing drought based on the perceived slow start to the market in 2014—but what do the statistics say?
Last week, PMA Brethour Realty Group presented the numbers comparing the 2013 Ottawa real estate market to what we’re seeing in 2014. Here is what they found—some of it may surprise you!
Ottawa Real Estate Market 2013 vs. 2014: Sales to Date
The above chart depicts sales to date as of February 28. The light blue columns on the left represent new home sales, whereas the dark blue columns on the right represent resale properties. The statistics shown for 2013 and 2014 aren’t appreciably different—there has been a slight decline, but nothing to indicate a major market slowdown.
The first quarter of the year is historically the sluggish season in real estate, so while the market may have seemed quiet, sales typically pick up with the temperature.
Ottawa Real Estate Market 2013 vs. 2014: Average Days on Market
Where the Ottawa real estate market has taken a dip this year is in how long properties have stayed on the market, particularly condos. The average number of days properties have remained for sale in 2014 is 62, which is 8 more days than last year’s pace.
Condos have felt the greatest impact, with properties staying on the market 28 more days on average than last year; while this is bad news for sellers, this could be a great opportunity for buyers.
Ottawa Real Estate Market 2013 vs. 2014: Average Resale Price
The statistic that bodes well for the Ottawa real estate market is average resale price. So far in 2014, properties have on average sold for over $5,000 more than they did at this point in 2013. While condo prices have been in a sharp decline, 2-storey homes and bungalows have seen a steady increase over last year’s pace.
Want to know how to maneuvre the 2014 Ottawa real estate market? Join the conversation below or contact us for more guidance.Tags: 2014, John King Team, Ottawa, Ottawa Housing Market, Ottawa Real Estate, Real Estate Market, The John King Team Ottawa
Categorised in: Ottawa Real Estate Market
This post was written by John King Team