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 December 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.
Clients will often ask when the best time of year is to sell or buy, and I always end by explaining that December is usually one of our busiest months. This is especially true when you compare the condo market to the residential freehold market, which is very very quiet over snow-filled months.
Four out of the five downtown areas have an average list to sold price that is over 100% (and to be fair the fifth - Little Italy - is still averaging at 99% for the six that sold with an average DOM of 59 days). Three of the five areas saw fewer properties listed and more properties sold than December 2018. This is all giving us an idea that 2020 will continue on the same path. Prices will continue to rise and it will continue to be hard for buyers. While we are not seeing crazy bidding wars, partly due to a lack of preparation by listing agents. We keep seeing new listings without status certificates pre-ordered etc, which will need to change OR if the seller is serious about getting the most money that they can for their property.
Watch out 2020, the Ottawa condo market is on fire.
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