Thursday, May 7, 2020 / by Suad Osman
April 2020 market stats are here!
Members of the Ottawa Real Estate Board sold 913 residential properties in April through the Board's Multiple Listing Service® (MLS) System, compared with 2,025 in April 2019, a decrease of 55%.
“While the number of unit sales has decreased substantially, residential prices are still holding their own and are up over last year’s figures, with properties often selling above the asking price,” “states Ottawa Real Estate Board President Deb Burgoyne. “There is still a holdover of pent-up demand in our marketplace. We believe that when the market opens up again, although it won’t be business as usual, sales will rebound and make up for the decline the spring market has experienced," she adds.
In addition to residential and condominium sales, OREB Members assisted clients with renting 947 properties since the beginning of the year compared to 778 at this time last year.
Here's a breakdown of the average sale prices & year & over-year increases/decreases in Ottawa:
If you're a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact one of our agents to discuss-plan and protect you through this unique period. We have been working hard to move the majority of our business online so your entire real estate transaction can be completed virtually and safely. Get the scoop of our recently sold properties here.
Disclaimer: The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.