House Prices in the Civic Hospital Area
by Dave Williams
Thsi week we are taking a look at housing prices ans sales in the Civic Hospital Area of Ottawa. Stretching from Bayswater on the east to Island park on the west & the Queensway to Carling north to south.
A historic and mature neighborhood the homes range from stunning mansions to semi-detached town-homes and a variety in between. As of June 4th, 2013 there are 15 residential homes listed for sale on the MLS, ranging from $498,000 for a 3 bedroom, 1 bathroom semi-detached town-home (that looks quite stunning mind you) right up to $1,490,000 for an Ultra Modern 3000 sq ft custom home with 4 bedrooms and 4 baths. Homes for sale in the Civic Hospital Area currently average out to $818,173.
Year-to-date there have been 16 Sales and 1 pending for an absorption rate of 3 homes/month. This years sales have ranged from $401,000 to $999,000 with an average sales price of $597,781 and 19 days to sell. Which is significantly quicker that the 30 days to sell in the same date range last year. In the same 5 months last year there were 22 recorded sales at an average of $672,063.
As this is such a diverse neighborhood it is quite possible that very different caliber of homes are selling quickly compared to previous years. Taking a look at the chart to the left you can see that this year has had the equivalent number of semi-detached homes sell as 2012, or 2011’s whole year.
So that average sales price may rise back up as a few more detached homes sell in the area.
In 2012, 40 homes sold ranging from $320,000 to $1,420,000, taking an average 30 days to sell. The average price of those 40 sales was $641,034.