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 November and 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, 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.
Wow. Many had wondered if the fall market would continue to push ahead and November 2019 did not disappoint. Aside from Little Italy, the average price for apartment condos sold in the major four downtown neighbourhoods in November averaged over $510,000. Aside from Westboro, the average days on market for sold properties in the other four neighbourhoods is 17, 25, 25, and 30 - which includes the conditional period. Compared to October which only saw one area below 30 days on market (18 days for Hintonburg). Combined, these neighbourhoods saw 82 new listings, with 81 sales, versus October which saw 101 new listings and 78 sales. All of this is showing an increase in demand for apartment-style condos in Ottawa.
Buyers: It isn’t getting any easier for you, however, I would suggest that you continue to search and be ready to jump over the next two months. While the market is known to be at its slowest period of the year, we will still see new listings hitting the market and the listings that couldn’t sell considering price reductions etc. Working with a connected agent with a strong network is key to knowing about listings before they hit the market and getting first shot before everyone finds out.
Sellers: While we started to see listings drops in November vs October, you will notice the level drop even further in December. That being said, since we are still seeing a high level of demand, there are opportunities that are available before the spring market. Buyers are still looking and fewer listings mean more focused eyes on your listing. If you are thinking of selling in the next 90days, take the extra time over the holidays to plan and prepare. Put the extra work in now, so that you can take advantage of the market.
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