Market Snapshot: Ottawa’s resale market didn’t show its typical slowdown in November.
With no slowdown our resale year to date transactions are on track with 2019. There were 50% less residential listings than this time last year. A concurrent decrease in inventory is a reliable indicator of why the average sale price continues to rise.
The resale market continues to be strong with an increase in buyers and decrease in listings. 50% less residential properties made it harder for competition, which allowed me purchase my house more affordably than if there were as many other homes on the market right now!
A recent drop-off of inventory can also account for rising prices because most homeowners choose not to list their home during busy seasons such like last year when everyone was interested solely due t othe booming economy but then again this may have something else behind its cause too; perhaps those who wanted sell did so sooner rather than later before interest rates rose higher still...
If you're considering a move we're here to help answer any questions you have, in this market you'll want a qualified, professional real estate company protecting your interests. Message us anytime!
We have detailed statistics and market reports available in all areas in and around Ottawa.