Ottawa Real Estate Market still hot in October 2009

Another great month for the Real Estate market in the Ottawa area. The stats just came out from the Ottawa Real Estate Board and we have sold more homes again in October compared to last year. An increase of 24.7%. That's right!! Another record breaking month here in Ottawa.

Agents in the Ottawa are sold 1,202 residential properties compared to 964 in October 2008. The year to date numbers are 4% more than the same period last year.

A low inventory and low interest rates is certainly helping these high numbers. The average sale price is $318,655, an increase of 13.6% over last year! The average condo price is $232,046 (14.6% increase over last year) and the average residential-class property average is $343,745, an increase of 13.3% over last year.

It is still considered a seller's market. If you are thinking of waiting for the Spring to sell your home, it might be a wise idea to get your house ready now, put it on the market and get top dollar for your home. We can not predict what the Spring market will do, but one thing is for sure is that you will likely have more competition if you wait for the Spring.

If you need more information or want to discuss selling or buying a home in Ottawa, just give me a quick call or you can always e-mail me at jeanricher@jeanricher.com