Ottawa Real Estate Board Stats for November 2019-“Weather isn’t Cooling the Resale Market’’ What does 2020 hold for the Ottawa Market ?
Some Key points to take from the News Release Below and Ottawa Real Estate Market in November 2019:
-Ottawa Realtors sold 1,288 residential properties in November 2019 through the MLS system, compared with 1,161 in November 2018, a increase of 10.9%
-Out of the 1,288 sold units the breakdown is: 958 in the residential property class, a rise of 10.8% from a year ago, and 330 in the condominium property class, a increase of 12.2% from November 2018
-The average sale price of a residential class property sold in November 2019 in the Ottawa area was $501,201, an increase of 16.9% compared over to November 2018
-The average sale price for a condominium class property in November 2019 was $313,734 an increase of 9.8% from this month last year.*
-The $350,000 to $499,999 range remains the most active price point in the residential market, accounting for 38.4 % of home sales and 32% of residential sales were in the $500,000 to $750,000 price range.
-Between $225,000 to $349,999 was the most active price point in the condominium market for November 2019, accounting for almost 57.5 % of the units sold.
-Affordability and high rental costs is pushing people towards cost affective condos which is driving that market and as to why we see the more cost affective condos being sold more and more.
-We are still in a very strong sellers’ market and will continue this trend through into 2020
This November was a very busy month for Ottawa Real Estate as prices continue to rise and inventory continues to go down and with minimal snow and modest weather for the start of winter in the capital buyers were busy buying up a lot of properties throughout the city. This month we were involved in numerous bidding wars for homes on both side of the deal for buyers and sellers. This is not always the same for all homes or all parts of the city as not every home is having a bidding war and depends on the location and pricing of the listing and why it is very important to speak with someone in the industry to get a good idea of the market in your area before buying or selling.
Buying a home in today’s market is no easy task as you see a lot of people are not doing inspections or having a financing condition with the offer. It is never a good idea to buy a home without a inspection and one way you can still do an inspection without adding it as a condition is buy doing a pre-inspection. This means you set up a second showing at the home before the offer dates and bring your realtor and inspector and you do an inspection of the home during this time to learn all the defects and exactly what you are buying. There is a risk that you spend the money on the pre-inspection and then not get the home but I always feel this is a good risk to take as at least you can learn about the home and if you find something major wrong with the home you can feel good knowing you found out about it before buying the home as after all this is the biggest purchase you buy in your life and it is worth the $400 to find out what exactly you are buying into.
Checkout the full blog in link below:
https://www.soldbysorin.com/node/1077743
If you ever have any questions about the market or any real estate question in general please reach out to me anytime.
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