Real Estate Market Snapshot: Hot Market in a Scorching July
“Typically, after the busy spring, July tends to be a slower month as people take vacations and spend more time with their families, but there was no slow down this past month,” President of the Ottawa Real Estate Board. “In fact, we recorded the highest number of July sales in 15 years. Also, for the first time in 2019, there was an upsurge in new listings which has slightly improved housing inventory. Although this is encouraging news, it is not enough to keep up with demand. In order to bring about a more balanced market, there needs to be at least a three-month supply of listings. Currently, Ottawa is closer to a one-month supply. In this type of market, it is vital that Sellers utilize the experience and advice of a REALTOR® to maximize your property’s potential — and if you are a Buyer, to guide you through the complexities this intricate market presents.”
Market statistics including 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. If you would like information on particular market trends, real estate values and more, please contact us! We would be more than happy to answer any of your real estate questions, email@example.com
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