Home sales increase 19 per cent in Ottawa’s Hot real estate market in July

August 9, 2020 Facebook Twitter LinkedIn Google+ Real Estate Agent in Ottawa

OTTAWA August 2020 — The Ottawa Real Estate Board says property residence sales mirrored the weather condition in July … “Warm!”.

A total of 2,189 homes were offered in Ottawa last month, compared with 1,838 residential properties marketed in July 2019.

According to the Ottawa Property Board, the five-year standard for home sales in July is 1,729.

” The resale market is not only holding its own however has actually exceeded 2019 figures by a considerable margin,” said Deborah Burgoyne, Ottawa Realty Board President.

” Summertime normally reduces; nonetheless, after the pandemic curtailed the spring market this year, we have actually rebounded well beyond expectations. It is rather unexpected given proceeding inventory lacks and also the added diligence and precautions being taken by our participants as well as their clients to ensure everybody’s safety in the process.”.

The average list price of a residential-class property in Ottawa was $585,084 in July, a 20 percent increase from a year ago.

The average sale price for a condominium was $357,764, up 19 percent from July 2019.

” Ottawa’s resale market uses strong returns for numerous sellers, while purchasers remain to feel the capture. Those most influenced are especially those attempting to enter the housing market,” stated Burgoyne.

” Several deals are a common occurrence with over 57 percent of residential or commercial properties marketing over the listing cost contrasted to 33 percent of deals last July.

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