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 October 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.
If you look at these stats side by side for the last two months it is pretty interesting. Click Here to view last months. Take Centretown - 91 New listings this month, 106 last month. Of those, only 39 sold this month, and 55 sold last month. Last year it was 38 and 38 listed vs 33 and 34 sold. We have a large number of listings hitting the market and the sales are not following. Supply and demand is what dictates price. The average list to sold price is starting to level out - compared to two months ago when every single area was averaging above 100%. This is great news for buyers who are looking to get into the market. Typically this is the fall rush before the snow hits the ground. Keep in mind that this is focused on condos and our busy time of the year goes later - into mid-December. Then again - everything is thrown out of the window this year with COVID.
If you are a seller looking to maximize your return, then waiting to spring would be the best. Even better if there’s a COVID vaccine that is adopted and the world starts returning to normal. I believe that alone will help push the market even further than we have seen it in the past. If you can’t wait, then don’t panic. The numbers are still in your favor. Units that show well and are priced properly are selling hot and fast.
If you are a buyer, the next four months will be a sweet spot for you. Take advantage of what we are seeing - before it goes insane in the spring. Keep in mind there is often a mini rush early/mid-January as buyers are sobered from the holidays and looking to move - yet the sellers are holding off until there is no snow. WE. SEE. THIS. ALMOST. EVERY. YEAR. …. (***Also for Sellers that are still reading)
Want to chat about your options? Fill out the form at the bottom of the page, or txt/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.
