Ottawa Condo Stats from May 2013
by Dave Williams
Condo sales in Ottawa hit a 4 year low for May 2013, with only 326 re-sale condos selling, a nearly 10% drop from the previous year. Year to date 1241 re-sale condos have sold in Ottawa, 6.2% less than the 1323 that sold in the first 5 months of 2012. This segment of the market is showing the greatest lag in this year’s real estate market slow down. On the new construction side, there were 588 starts in Q1 of 2013 of Condominium apartments, 73% higher than the 339 that started construction in Q1 of 2012*
While the condo market looks bleak in the re-sale market it remains quite stable when you consider that may of the decline in re-sales numbers are merely moving into new construction market, keeping the condo market strong as a whole.
The 326 Condo sales in May averaged out to $262,467, compared against an average price of $268,540 in May 2012 there was a price decline of 2.26%. This can be attributed to the higher end market moving towards the new condos and as always is not a direct reflection on a specific property.
For those selling or thinking of selling a condo, the market is getting extremely competitive. It’s not unusual these days to see 6 to 10 units for sale in the same building or complex, all competing for the same 2 or 3 buyers that may buy there in a given month. This reflects city wide with 1807 condos for sale, 27% more than in May 2012 (1414), 55% more than May 2011 (1161) and 98% more units than offered in May 2010 (911). Leading condo sellers to make sure they are using every advantage to get condos sold.
764 of these condos hit the market in May, giving us a sales index of 42.67% and taking an average of 47 days to sell. As a whole, it qualifies as a buyers market even though the inventory is quite high and we can’t account monthly for the new construction sales.
On the whole apartment style condos cover the lion’s share of the sales, 161 in May and 600 so far this year with 2 story town-home condos coming in a close second, 145 sales in May and 555 so far this year.
*Q1 Housing Now report from CMHC