Condo Prices in the Glebe and Old Ottawa South

Condo Prices in the Glebe and Old Ottawa South
by Dave Williams

Glebe SquareWelcome to our weekly delve into local real estate market segments.  Today we are going to take a look at Condo Prices in the Glebe and Old Ottawa South area of town.

Right now (May 14th 2013) there are 37 condos available for sale and 1 under conditional contract.  Ranging from $259,000 for a bachelor apartment right up to $2,995,000 for a two story, 3 bed/4bath condo loft with glass wall overlooking the canal.  As you can see, there are a lot of variety in the type of condos in this community.

So far this year 9 condos have sold (about 2/month) for an average price of $477,611 in 43 days.  The sales have ranged from $271,000 up to $717,500, and condos have sold the day they came out or take up to 176 days to sell.

Last year in the same date range, 18 Condos had sold (about 4/month) for an average price of $473,400 in 69 days.  So while, there has been a decline by half in the number of sales this year, the ones that did sell, sold quicker and for more money.

For the whole of 2012, 43 condos sold (again about 4/month) for an average price of $510,803 in 52 days, ranging from $1.5 Million down to…get this $213,000 for a condo town house, on Riverdale, by the Rideau River.

I speculate, given the very consistent nature of last years sales, and a quick look at the last 24 months of sales (still about 4/month) that a large segment of condo buyers in the Glebe are buying new constructions.  Which could mean some great deals coming up down the line, be sure to keep an eye out for them.

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