Let's take a quick look at the numbers for the Ottawa condo market for January 2018 and how they stack up. ** Note: All data is provided by the Ottawa Real Estate Board. Condo data includes all condominium property styles.**
- There were 406 new condo listings to come on the market in January 2018, a decrease compared to January 2017 which saw 472.
- The average condo sale price was $263,744, a decrease from January 2017 by 8.6%
- There were 173 sales, an increase of 45% over January 2017 which only had 119
- 55% of the sales were priced between $150,000 and $249,999
- Active listings at the end of January 2018 compared to end of January 2017 saw a decrease of 27.2%... meaning there were 27.2% less available units at the end of January this year than last year.
While we saw the average price decrease, it was mainly due to a lack of sales in the higher price point and more sales in the lower range. At the same time, we saw an increase in sales overall which leads to a lack of supply compared to the same time last year. Bottom line .... This is setting up for a crazier market this spring!
If you are thinking of selling, this is the time to get things started and listed. Less competition means a hungrier buyer! Email or call and we can chat about options and your specific unit.
