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 September 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 are in the market (seller or buyer) there is not much more I can tell you that you don’t already know. It’s hot out there - newspaper headlines included. However, over the last couple of weeks, we are starting to see things shift slightly. The Ottawa condo market has been in a seller’s market for the first nine months of 2020, is now starting to level out. This might be a knee jerk reaction to the possible second wave, or just a reaction to the number of new listings that have hit the market.
Buyers: If you are looking or thinking of looking, this might be a great time to get a good deal. One without multiple offers - giving you a chance to do an inspection, etc. Offering under list price vs bidding over list price against ten other buyers. More listings mean there are more choices! As well, knowing what is going on in the market, and even in the building helps to give you the leg up when it comes time to decide about making an offer.
Sellers: A shifting condo market always has winners and losers. If you are not paying attention to what we are seeing day-to-day, then you will be sitting and waiting. We are seeing more agents holding offer dates (no offers before a certain date), and then not receiving any offers on that date. This is a basic mistake from looking at headlines vs being in the market and paying attention to what is going on in the street. While this might come off as doom and gloom, it just means that we need to adapt our marketing strategies to get the highest dollar possible.
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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.
