Do you remember? The market in September.
Hey Siri, play "September," by Earth, Wind & Fire.
The September housing market didn’t throw any curve balls. In fact, it was quite predictable, which except for low inventory issues, we are more or less grateful for—to have some level of predictability in our currently very unpredictable world.
As the Ottawa Real Estate Board’s (OREB) September report states, the beginning of the month started slow for real estate, what with all the long weekend and back to school commotion. But by the end of it, activity picked up, resulting in a total of 1,607 sales last month.
Now, if you were to compare this to the September 2020 numbers for total sales, you’d find a drastic decrease of 31%. But if you’ll also remember, market activity in the fall of 2020 was particularly heightened—given the spring lockdown had pushed things back. That being said, if you were to compare the September 2021 sales with pre-pandemic Septembers you’d find that there were actually 4% more sales than in 2019, and 16% more than in 2018; so, all in all, pretty up to par. In other words, while stats can tell a story, there’s usually also a story behind the stats.
House values remain fairly steady according to the OREB report, as September 2021 average sale prices experienced a slight 4-5% increase compared to August. The numbers are in line with the strong year-to-date average prices as well; the inevitable increases caused by none other than *surprise surprise* not enough supply.
We’re still waiting on your comeback, inventory. Though September had 216 more units than in August, the number of new listings last month was still under the five-year average, and significantly less than what we had in September 2020.
So what should you take away from all this, buyers and sellers?
Despite the overall increase in prices, demand is still very high and according to OREB, we only have a little over a month’s supply in housing stock at the moment. If you’re thinking of selling, property value continues to be in a good place. If you’re thinking of buying, the current inventory, though low, is still higher than what we had in pre-pandemic years (2017-2019).
Reach out to us at firstname.lastname@example.org! We’ll help you find the home that meets your needs, or the perfect sweet spot to position your home in this market.
The Ottawa Real Estate Board: A Normal September Resale Market
- Global News: Ottawa home prices up 13-14% in September: real estate board