Ottawa Real Estate Conditions for April 2014:
It’s definitely been a late spring, but as of this week, it’s starting to feel as though we may finally get some summer weather!
Those longer winter conditions may be the reason we are experiencing a softer market here in our great city. As you may already know, it’s a buyer’s market in most areas of Ottawa right now. While things are still moving along fairly steadily, the amount of inventory has grown, and sales volume has dipped (at lease for the month of April). This isn’t to say that certain areas aren’t in high demand, but as a whole things are slower. Below are some stats from the past month & year.
According to the Ottawa Real Estate Board, ‘The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $374,015, an increase of 0.8 per cent over April 2013. The average sale price for a condominium-class property was $258,500, a decrease of three per cent over April 2013. The average sale price of a residential-class property was $399,541, an increase of 0.9 per cent over April 2013.’
And as you will see, inventory levels are high right now, primarily in the condo markets.
For anyone thinking of buying a condo, now is potentially a good time to find a bargain. There is increased volume of inventory out there, and is allowing buyers to be selective about what they purchase. For anyone selling a condo, now is the time to go the extra mile to make sure that you’re property looks impeccable top to bottom. That being said, when selling a home of any kind, it’s always smartest to make your place look as best it can in order to fetch top dollar. A little bit of cleaning and new paint goes a long way!
As for freehold houses, the demand is still strong, and things are moving well, especially in the downtown areas. There are also some great deals in the freehold market, so anyone who’s thinking of buying, definitely contact me to find out where the good opportunities are.
Til next month, everyone enjoy this beautiful sunshine and warmer weather!
Chris Steeves
Sales Representative.Keller Williams Ottawa
office: 613-236-5959
office: 613-236-5959
fax: 613-369-6013
cel: 613-262-1697