December 6th, 2020 | Real Estate News

Ottawa Home Sales and Real Estate Update

Ottawa realestate statistics for november 2020

November Was Another Strong Sales Month for Ottawa Home Sales, Even in This Typical Slowdown Period

Every year, the month of November slows down in Ottawa home sales and condominium sales, but not this year. 2020 continues to deliver surprises, including abnormal sales trends in a typically slow sales month of November.  In fact, the year to date transactions are at par with 2019.

November’s sales included 1,209 in residential homes, up 27% from a year ago, averaging 19 days on the market, which is 50.5% fewer days than 2019.

402 condominiums were sold in November, an increase of 23% from the same time last year, and stayed on the market for 21 days, 17% fewer days than the year prior.

Sales Would Have Performed Even Higher If There Were More Homes to Sell

Supply continues to be the only thing holding back more sales. Ottawa Real Estate Board President Deb Burgoyne says,  “I’m confident in saying that if we had more supply, sales would be even higher.”

There were almost 400 units listed in November than last November, but 1,000 fewer new listings on the market than in October. This time of year is when consumers focus on preparations for the holiday season, and less focus on home buying and selling activities, but not this year!

Average prices are strong; this is no surprise in an active market with such a lag of inventory over sales. Ottawa real estate prices year to date is a more reliable source to predict property values over time, rather than monthly results. According to OREB President, “For the final quarter of the year, in November 2018, we saw a 3-5% gain in YTD average prices; a year later in 2019, they were up 9% for both property classes. Now in 2020, YTD average prices are 19-20% higher.”

For the month of November, average Ottawa home sale prices reached $602,892, +20% from November 2019. Condominiums posted a $361,758 average sales price +15% from this time last year.

stats for november 2020 sales in ottawa realestate

Surprisingly, There Are More Condominiums On the Market

Ottawa condos are staying on the market longer, and the supply increased 25% over November 2019.

The number of reasons for this rise in condo supply is:

  • Some condo owners are capitalizing on the market and selling high.
  • Changing life and working trends like working remotely, and virtual classes have impacted consumers to look for more work space in their homes.
  • The pandemic has forced consumers to re-evaluate their needs in lifestyle property preferences and location.

Contact us at Susan Chell Team today to help you manage buying or selling your home or condominium in this robust and active market.

 

Important note: The Ottawa Real Estate Board notes that the average sale price can be useful in establishing trends over time. Still, it should not be used to determine if specific properties have increased or decreased in value. The average sale price is calculated using the total dollar volume of all properties sold. Price and conditions will vary depending on the neighbourhood and type of property.