Is the Ottawa Real Estate Market “Gun-Shy”?

May 6, 2014 8:48 pm Published by Leave your thoughts

The 2014 Ottawa real estate market numbers for January and February showed that the year had gotten off to a slow start. The April numbers are now in, and it doesn’t look as though things have picked up quite yet.

The Ottawa Citizen called buyers “gun-shy” and painted a picture of the Ottawa real estate market in an article on May 6. Here’s what they found and how you should react.

April’s Ottawa Real Estate Market Statistics

The Citizen said that “the number of resale homes sold in Ottawa fell in April for the straight month as buyers continued to shy away from big purchase decisions.”

The Ottawa Real Estate Board (OREB) reported that 1,420 residential properties were sold in April, which is 9.5% less than the same month last year. Average selling time was 44 days, which was also worse than last April’s statistic. However, average sale price actually increased by .8% to $374,015.

“With typical ‘spring’ weather beginning a lot later this year, it is not unexpected to see the market have a later upswing than normal,” OREB president Randy Oickle told the Citizen.

Ottawa real estate market april 2014

Graph courtesy of OREB.

How should you react to the Ottawa real estate market?

With the market still acting sluggish, it’s important to understand all the factors that should go into your decision to list your property.

Something to consider is that spring is typically when the market begins to heat up—over the past five years, May and June have been when sales numbers have been the most robust. A big turnaround could be right around the corner.

That said, it’s vital you speak to a real estate professional in order to fully understand the market conditions and where they may be headed. Between timing, price, and marketing, there are certain selling factors that a realtor can address in order to make your property stand out and sell quickly.

How does the Ottawa real estate market affect your property? Contact us today to learn more.

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This post was written by John King Team