“Pressure on Average Housing Price Point in the Ottawa Housing Market”
How is the current real estate market?
Considering that the Ottawa Housing Market just came through a record level of re-sales house sales in the final quarter in 2011. The average price of a home in Ottawa ($343,701) is below the national average. Top that with the current life time record low interest rates. This makes the prediction that the Ottawa real estate market pricing will increase in 2012 if the demand remains consistent.
So the demand characteristics are in place.
How about the supply of houses for sale in Ottawa?
There are currently 1539 free hold single family homes in Ottawa on the market according to MLS in Ottawa. Only 24% of those listings are at and/or below $343,701 the Average Selling price of a home in Ottawa. There are 34.8% above the average price point to $500,000, 33% between $500,000 - million and 7% over a million.
The condominiums in Ottawa are showing 678 units currently available. 34% of the condo inventory in Ottawa is priced at and/or below $250,000. 51% is priced between $250,000 and half a million. 14% is priced over half a million.
The pressure on sales volume in Ottawa will be felt below the $400,000 price level because of low inventory levels while the mix in condominiums is very balanced.
This makes Ottawa a very attractive city to invest for real estate in 2012. Steady growth and a balance of inventory will lead to another healthy real estate market.
Spring is around the corner, the time to meet with one of the Hamre Team sales associates at RE/MAX metro city is fast approaching. Of our overall real estate business, a large percentage is relocation in and out of Ottawa. If you are considering listing your current home and/or buying, please call Greg Hamre or Steve Hamre today at 613-841-2111 or visit our web site at www.WeKnowOttawa.com