June’s warm but the market’s chilling

Photo of backyard with numbers. June average sales prices: residential-class $725,970 +26%, condominium $435,198 +21%. Number of sales in June: residential-class 1,647 homes +2%, condominium 484 units +13%

THE NUMBERS: 

JUNE AVG. SALE PRICES

Residential-class: $725,970

Condominium: $435,198

*Important to note that varied pricing and conditions in different neighbourhoods affect average sale prices 

The “too long; didn’t read”: 

  • 2,131 properties were sold last month, compared to 2,038 in June 2020
  • Residential-property class saw 1,647 sales, Condo-property class saw 484 sales
  • Sale prices for residential properties up 26%, and condos up 21% from last year
  • Prices and market more stabilized with increased inventory 

June’s warm but the market’s chilling

June has brought stability to the real estate market with increased inventory levels that we haven’t seen since 2017. With easing restrictions and summer vacation on the horizon, activity levels in the market were less hectic last month—a usual characteristic for the month of June pre-pandemic. 

A total of 2,131 residential properties were sold last month, not far off from the five-year average of 2,098 for sales in June. Compared to 2,038 sales in the previous June, sales from last month saw a modest increase of 5%. This includes 1,647 sales in residential-class properties, a 2% increase from June 2020, and 484 in condominiums, which is up 13% from before.

Market watch

June’s average sale prices for condos went up 21% compared to this time last year, at $435,198, while residential-class properties saw a 26% increase, bringing the average price to $725,970 last month. 

Property prices have been fairly consistent as of late; there hasn’t been extreme fluctuation in the last couple of months compared to the craze at the beginning of the year. Thanks to the increase in inventory bringing more choices to the market, buyers are in a better position to put in offers. 

It will be interesting to see how the rest of the summer plays out. In the meantime, this relatively steady market is a new environment for sellers to adjust to. Staying informed will be the key to success for both buyers—who should take advantage of the stability, and for sellers—who will need to be strategic in positioning their properties. 

This is where we come in! Our team is always on market watch; we stay on top of fast-paced changes and use our expertise to make sound judgement calls based on market insights. With years of experience, we’re prepared to help you achieve your real estate goals! Reach out to us at info@realestating.co and let’s talk strategy.

 

Related links

1. https://www.oreb.ca/newsroom/junes-residential-resale-market-begins-to-normalize/

2. https://ottawa.ctvnews.ca/ottawa-s-hot-housing-market-beginning-to-cool-off-ottawa-real-estate-board-1.5500031

3. https://ottawacitizen.com/business/local-business/ottawa-housing-market-creeping-towards-normal-but-still-no-bargain

 

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