Finally, we are experiencing the weather we have all been waiting for, and with that the real estate market begins to boom. I must admit as soon as it started to get hot outside, the housing market followed pretty quickly and so did the mortgage market with the announcement last week of a new 1.99% low rate mortgage. This month I thought I would share with you the overall April calculations of sales in the Ottawa housing market from the Ottawa Real Estate Board. Everyone is talking about the changes in our market, here is a quick summary of numbers and forecasts of this year’s spring market.
In April, Realtors in Ottawa sold 1,420 residential properties through the Ottawa real estate board’s Multiple Listing Service® system, compared with 1,569 in April 2013, that is a decrease of 9.5 per cent in one year.
“There has been a decrease in units sold on a year-to-date comparison of 3.9 per cent, but the Ottawa market continues to remain relatively stable,” says Randy Oickle, President of the Ottawa Real Estate Board. “With typical ‘spring’ weather beginning a lot later this year, it is not unexpected to see the market have a later upswing than normal. That being said, properties sold in April were on the market an average of 45 days, a few days less than what was indicated in March.”
I am confident our market will remain stable, it is clear we all see more homes on the market today however the prices of homes remain strong, sellers are keeping firm on their price and buyers, once they know its the perfect fit are ready to pay the asking price. There are more options today but selection can be a good thing.
As always friends, I welcome you to share with your friends, family or someone you know who are simply looking for a Real Estate Broker they can trust, my contact information. It would be my pleasure to assist in any home buying and selling process and I always appreciate your referrals, it is the biggest compliment to me and my team.
I wish you and your loved ones all the best,