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Web-extra (June 22, 2017): Real Estate Report; Ottawa sales boom in the first half of 2017 . | NEWSWEST on-line

on June 21, 2017 by test_editor in WEB-EXTRA content, Comments Off on Web-extra (June 22, 2017): Real Estate Report; Ottawa sales boom in the first half of 2017 .

Web-extra (June 22, 2017): Real Estate Report; Ottawa sales boom in the first half of 2017 .

Web-extra (June 22, 2017): Real Estate Report;
Ottawa sales boom in the first half of 2017 .

By Doug Herbert, Royal Lepage Agent.

It’s been a very active real estate market across all housing styles throughout many Ottawa neighbourhoods, particularly the Newswest readership area.

For the first half of 2017, the sales recorded by the Ottawa Real Estate Board on the Multiple Listing Service ( MLS ) are up considerably across the city. In May, there was a 20 percent increase in the number of units sold – compared to this time last year, making it the best May on record. Even more dramatically, it was also a record for number of units in any single month, ever. It’s a hot market indeed.

The increased sales, and decreasing inventory is making for some very competitive buying situations. Indicators are pointing to a Sellers’ market in many neighbourhoods. Within the Newswest readership area, the listing inventory for detached homes is currently down by over 20 percent, and condo inventory is down a whopping 41 percent compared to this time last year. Prices have remained surprisingly stable; however, this falling inventory has drastically cut the average days it takes to sell a home ( Days on Market – DOM ). In many cases, sellers are enjoying multiple offer situations on well priced homes. The condo market seems to be stabilizing after a few tough years of falling sale prices.

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Note Short DOM

Image Caption: Our chart compares the Newswest readership market to the Ottawa area as a whole. Table of results, See below for text version.

2017 Real Estate Activity – Newswest Area:

CURRENT LISTINGS – June 8, 2017**
House Style Newswest Readership Area
# of Active Units Median List Price
Detached 73 $ 849,900
Rows / Semis 44 $ 799,950
Condos 96 $ 337,450
2017 Total Sales – Newswest Readership Area Compared to Overall Sales in Ottawa*
House Style Newswest Readership Area Ottawa Area
Units Sold in 2017 Median Sold Price Days on market Units Sold in 2017 Median Sold Price Days On Market
Detached 141 $ 700,000 13 3005 $ 469,000 24
Rows / Semis 88 $ 697,000 15 1325 $ 333,700 18
Condos 94 $ 357,000 68 1278 $ 227,500 64

 

* These statistics are derived from the Ottawa Real Estate Board’s Multiple Listing Service. Plrase Note: Statistics are useful in establishing trends but should not be used as an indicator of an increase nor decrease in value of specific properties. If you are curious about the value of your home, and/or specific neighbourhood statistics, contact your favourite real estate agent for assistance.

** Newswest Area is defined by Woodroffe Avenue to the West, O-Train / Bayview to the East, Carling Avenue to the South, and the Ottawa river to the North.

ae&oe

[ED: for definitions of named types of housing see our article June 23, 2016: Real Estate Report; Warmer weather brings hot market. By Doug Herbert, Royal Lepage Team Realty, brokerage.]

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