By Lynda Cox
Since my last article the Ottawa market has continued to boom. According to the Ottawa Real Estate Board (OREB) numbers, as of August 7th there has been a 19% increase in sales, with an increase of 16% in the average sale price of residential properties and an average of 18% for condominium properties.
Multiple offers are a common occurrence with over 57% of properties selling over the listing prices compared with 2019 at 33%. The market is HOT. When will this all end?
According to the president of OREB, Deborah Burgoyne: As long as we have demand outpacing supply this will continue. Now that the market is on an upward trend, timing is critical. For those contemplating a move without the pressure of a purchase tied to it, it is an opportune time to realize a solid return on your investment. This market is challenging for all involved, and more balance would be a welcomed relief for everyone.
Usually the summer market slows down with many on vacation but this year, after the pandemic halted the spring market we have rebounded beyond expectations. COVID protocols are still in place with mandatory COVID disclosures, mask wearing and hand sanitization. Buyers are encouraged not to touch any surface. Open houses have not made a comeback yet. Most properties have an offer date causing Days on Market (DOM) to be at an all-time low. Yes, this is a very good time to sell. Each day sees more listings coming on board so I would need a crystal ball to determine if this seller’s market will continue and for how long.
Lowertown Update from June 11, 2020 to August 26, 2020
Residential Condominium
Active Listings 7 Active 30
Conditionally Sold 0 Conditionally sold 5
SOLD 11 SOLD 37
Sold at or over List Price 11 Sold at or over List Price 23
(selling from $5K – $120K over list price) (selling from $1K – $60K over)
Lynda and her son Jim Cox form the COX HOME TEAM and are Sales representatives with Royal Lepage Performance Realty. If you have any questions you can reach Lynda at lynda@coxhometeam.ca