Let's Start with the Numbers
10204 properties sold so far this year, 8104 residential and 2100 condos, compared to 9943 last year in the same time period.
285 properties sold last week, and 342 conditionally sold properties. With 3615 properties currently listed that is 9.5% of the current inventory currently under contract.
So what does that mean for Ottawa's REALTORS?
We are experiencing a very strong market, with condos selling at an incredible rate we are in the midst of a sellers market, so some questions that pops up repeatedly is "How do I motivate buyers to buy?" or "How to I get a buyer who does not need to buy motivated?"
Well one way is to talk with them about the financial benefits of buying, or...investing. Take a look at this link to see what the Financial Post has to say about investing in Real Estate.
Armed with this knowledge we can talk about investing in real estate.
Don't know if it's the right time to buy? -> Buy an investment property to make you some money until it is!
Don't want to sell? -> Use your equity to buy a near by investment property and build your wealth!
Need more information about Investing in real estate?
Call or email me!
Last week, an agent mentioned they would be interested in knowing what percentage of conditional sales do become sales…so here we have it…
84.14% of conditional sales become Firm Sales in Ottawa.
The numbers have varied week to week, as some conditional sales take longer to firm up than others (condo’s especially as we need 10 business days just to receive the status certificates.) but over the course of this year just under 85% of the reported conditional sales have become firm.
How about the rest of the numbers…
There are currently 3553 properties up for sale in Ottawa, 340 (9.6%) of which are under a conditional contract.
There were 315 Sales reported last week.
Notably the condo inventory has dropped to 7 weeks worth of properties and residential is now down to 12 weeks worth. As the summer warms up (we hope) there will be a continued slowing of the market until the beginning of September, which is great for anyone thinking of selling now as there are less properties to compete with for the buyers.
For the last 11 Weeks we have seen an Incredible punch in the Ottawa Real Estate Market. Despite the slow start to the year, and the first 3 months of the 2009 representing only 23% of this years sales, our market has defiantly rebounded and put us ahead of last year for sales and average home price.
The one thing that I have noticed over the last 11 weeks is the incredible strength of the condo market. During this time anywhere from 20-30% of the condo's on the market have been under contract. That means there is a 1/4 chance that any given condo that we look at, see and ad for, find on the internet could already be conditionally sold. We currently have an 8 week inventory on condos in Ottawa, or a very strong sellers market for Condo's.
The only conclusion I can draw is we don't have enough condo's up for sale in Ottawa, so if you know someone thinking about selling a condo this year, it might just be time before the window of opportunity closes.
By The Numbers
3315 Homes up for sale, 506 condos up for sale, 6613 homes sold this year, 1688 condos sold this year, 15.5 weeks of residential inventory, 8.1 weeks of condo inventory, 4740 homes and condo's that did not sell this year (27.4%) and 37 average days on market for all properties.
Well the homes are continuing to fly off the market. Last week 394 homes sold brining this years total to 5337 homes sold.
The gap between last years home sales and this years has closed significantly in the last month brining us almost equal (98.5%) to last years sales of 5419 in the same time period.
The Ottawa Housing Market has regained it's strength! Thanks to the massive momentum of home sales in the last 6 weeks.
The condominium market continues to astound me with 23% (161) of the current inventory (687) under contract and lined up to be sold in the next week.
Right now is a great time to have your home on the market and hopefully in the market. Which is to say the buyers reluctance we saw earlier this year due to the economy has subsided, but people are still comparatively shopping (and rightfully so). When selling a home the four major factors in the sale are Location, Condition, Price and Marketing.
Although you can't move a home Location plays a huge factor in the homes saleability. The same home on the same lot is much more attractive in Westboro or Alta Vista than in other area's. The same home on the same lot in the same subdivision is much more attractive on a ravine lot, or backing onto open land than if located on a major road.
Despite the many tax incentives currently offered, buyers find a well maintained, well staged home much more attractive than a run down, or as is property. Leaving a home as is, can actually cost a seller 2,3 or 4 times as much as the repairs.
Until next Blog ...
If you enjoy my Blog's, please let me know!