How's the Housing Market in Ottawa?

I can honestly say this past month in Real Estate has been crazy and challenging as a Realtor (for myself anyways!) - with so little inventory on the market it's hard to keep your Buyers happy - we must practice patience! With practically every offer becoming a MULTIPLE offer scenario be ready to put your best foot forward and have your financing all figured out!

According the Ottawa real estate board President Rick Snell "Resale home sales still riding high in Ottawa"! During the month of October members sold 1,202 residential properties through the MLS system which is an amazing increase of 24.7% over October of last year!

"Once again we saw record-setting sales numbers for the month of October. This brings our sales year-to-date to four percentage points higher than the same period last year. Ottawa's resale market has been buoyed by buyers taking advantage of low interest rates," said Board President Rick Snell. "Listing inventory remains at a low level, and combined with brisk sales, indicates that we are still in a strong sellers' market here in the capital," he added.

Below you'll find a review of October's real estate numbers - such a dramatic increase with double digits accross the board!

The average sale prices are as follows:
- Average residential/condo sale $318,655 increase of 13.6% over Oct of last year
- Average condo sale $232,046 increase of 14.6% over Oct of last year
- Average residential sale $343,745 increase of 13.3% over Oct of last year

If you're a Seller and you've been tossing around the idea of selling this would DEFINATELY be the right time - prices are rising due to low demand and properties are selling quickly! If you're a homebuyer out there practice your patience and share your thoughts with your Realtor. We understand that sometimes homebuyers change their minds, especially if what they are looking for isn't available - we need to know what you're thinking to help you!

Wether you're a buyer or a seller in orleans, pineview or ottawa i'd love to help! Visit http://www.christianelafleur.com/ or call me directly anytime (613) 859-0809.