Condo Prices in Alta Vista

Condo Prices in Alta Vista
by Dave Williams

Since we’ve talking about slowing condo sales in Ottawa for some time now I thought we’d delve deeper into some local markets over the next few weeks.  Last week we were talking about Alta Vista home prices, so let’s see how the condo market is holding up in this stable community.

As of the first week of May, 2013 there are 39 condos for sale in Alta Vista, ranging from $175,000 for a 1 bedroom, 1 bathroom condo apartment right up to $595,000 for a luxury penthouse, with a range of apartments and condo town-homes for sale.

So far this year 18 condos have sold in Alta Vista and 2 are currently under contract, averaging about 5 condo sales per month.  Condo prices in Alta Vista this year have ranged from $170,000 to $579,000 for an average of $347,288 (median of $348,500) and taking 36 days to sell (median 27 days).

The fluctuations in the condo market this year are affecting diffrent types of condos in diffrent ways, driving down the price on smaller units and gaining traction on the larger units.

The fluctuations in the condo market this year are affecting different types of condos in different ways, driving down the price on smaller units and gaining traction on the larger units.

Compared to the same time period last year, where 28 condos sold, an average of 7 a month.  It appears the condo market has cooled a bit in Alta Vista.  The good news is, the average price has increased substantially from $310,121 last year, and the sold much quicker compared to the 52 day average of last year.

Looking at 2012 as a whole, 63 condos sold for an average of $294,242 in 50 days, ranging from $163,500 to a high price of $683,000 for a 2133 sq. ft. 3bedroom condo apartment at “The Classics” in the Riviera complex.

To the left here you can see the 2011 and 2012 sales for 1 bedroom and 2 bedroom condos in Alta Vista, compared to this year so far.

The telling aspect to me is the decline in One bedroom prices compared to a jump in the prices of Two bedroom condos.  The simple truth that the best prepared, best priced condos sell first and with a glut of “New Build” condos that push the line of small and sleek, there are fewer, larger 2 bedroom condos on the market for buyers to choose.

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