Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for May 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.
We are back. Did the hot market even leave? Look at these numbers…. Each neighbourhood had an average of 100% or higher list price to sold price ratio during May - and this is during a pandemic! Hintonburg averaged at 106.3% with an average of 12 days on market! This is freehold townhouse territory!
Keep in mind that most of the numbers are down - the number of new listings and sales were roughly 50% of what we saw over the same time last year. Most properties that are priced right are still holding offers and getting multiples on the offer date.
Sellers - Thinking of selling? We need inventory - badly. If you are considering selling your condo, let’s start the conversation. The selling process will be dependant on your comfort level with COVID - however, we have numerous ways to limit the exposure (a huge shift to virtual showings etc) and provide a much safer environment.
Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.
Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.
