April 2018 Real Estate Update | Bill Meyer takes a look at Q1 2018

Bill Meyer here from RE/MAX Hallmark Realty Group, with a quick update on the Ottawa residential resale market.

In the first quarter of 2018 we have experienced a residential real estate market that we haven’t seen in Ottawa for almost 10 years we are truly in a sellers market. Prices throughout the city are up and the time it takes to sell a property is down.

This market is being fueled by falling inventory. There are 23 % fewer homes listed for sale today than in the first quarter of 2017 and over 30 % fewer than in 2016.

The affect this has had on freehold homes, is that, prices are up almost 7 % in the past year. With the average home in Ottawa selling for $ 438,000.

In the condominium market the numbers tell a similar, but different story.
Because of the huge glut of condos that have been on the market over the past 4-5 years we really haven’t seen much of an increase in price.
Prices are up just a half percent over this time last year and for the most part there has been no real increases over the last couple of years
BUT
I do believe that in the second and third quarter of this year we are going to start to see this change.
781 condos sold in the past 90 days. That’s up 18% over the first quarter of last year.

What’s this market mean for you;
If you’re thinking of selling take advantage of the market we’er in, No one knows if this sellers market will last another few months or a few years but we do know that many of today’s sellers are getting multiple offers on their homes and higher prices than ever.

If you’re a buyer, first time buyer or investor, especially in search of a condo it’s time to buy.
If this market does continue for any length of time the cost of waiting could price you right out of your ideal home
If prices were to continue rise at the current rate the average price will go up another $ 35,000 buy this time next year.

So if you have any questions or would like to get together to chat about your real-estate needs
please don’t hesitate to give me a call at 613-788-7418 or find me and my team of real estate specialists at
http://www.hometeamottawa.com

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