Real Estate Analysis of the Week: Luxury Home Market

Whats going on in Ottawa’s Luxury Home Market?

Thanks for stopping in to get an update on Ottawa luxury home market, right now, June 2012, there are 139 Luxury Homes for sale in Ottawa ranging from $1Million up to $6.9Million, 4 Bedroom chic homes to 12 Bedroom mansions suitable for hosting guests.

The most common question luxury home owners looking to sell ask us are when is the right time to sell their home and how quickly do homes like theirs sell. Luckily the luxury home market in Ottawa is not prone to the same seasonality that the rest of the home market experiences.  Last month for example, May 2012, 4 luxury homes sold, where as the month of May is typically the highest sales month for the rest of the real estate market in Ottawa.  So far this year 44 luxury homes have sold, an average of 9 sales per month which tells us that it would take over 15 months for the entire 139 homes for sale right now to sell.

How long does it take a luxury home in Ottawa to sell? On Average 100 days, though the longest took 562 days ( over 18 months), which surprisingly is most likely a more honest number. Of the 44 sales this year only 6 show as taking longer that 6 months to sell and only 13 show as taking longer than 3 months, which is in part due to the practice of REALTORS (c) re-listing higher end properties every 6-9 months, so they don’t appear to be “old” and “stale”.  In all likely hood more than half the properties for sale today have been so for over a year. When looking to buy a luxury home in Ottawa have your REALTOR (c) look into the sales history of the property you are looking to buy, you may be surprised to find out how long it has really been for sale.

Got questions of your own, ask us at http://www.OttawaRealEstateQuestions.ca

HomeTeamOttawa.com is owned and operated by Sylvie Begin, Broker  613-788-2113 of Keller Williams Ottawa Realty, Independently Owned and Operated 613-236-5959

Not intended to solicit business from anyone under contract with a REALTOR ®

©Dave Williams -2012-

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