Is A Million Dollars The New Norm in Ottawa Real Estate?
Posted by Leif Olson on Tuesday, August 10, 2021 at 4:03 PM By Leif Olson / August 10, 2021 Comment
Is a MILLION DOLLARS the new norm in OTTAWA neighbourhoods.
More inventory is coming.........Relief to BUYERS.....
We are in a marketplace where in the last four weeks, the unit sales dropped from the year before, is that alarming?
N, not really.
Because last year was not a normal year was the first wave of COVID and no houses really sold the people didn't move in the first six months.
So you're comparing to a month that was un-normal.
It was a record crazy record July last year, we still had a crazy July this year and the price points are very stable.
Last night, we had two sales. One was a listing sale just below a million dollars.
And one was a relocation sale.
A buyer's coming in from BC, just over a million dollars.
So the million-dollar price point is very stable here in Ottawa.
It's the high-end mix that people are really attracted to.
The buyers are out there looking. It's amazing!
One of Ottawa's premier builders just had a release in Manotick, which is on the south side of the city.
It's a great little village really sought after.
17 homes released 17 new builds released......
........ They had 400 applications!
400 people put their names in for the 17 homes that just tells you how many buyers are actually out there.
I can see the hits. I can see that the traction of what people are looking at, what they're looking for.
They're looking for price points that are realistic.
They're looking for quick occupancies and most part, if you're looking at, uh, trying to move in before labor day, it's, it's very tough. The banks just can't handle it. You're really looking right now at a, at a late October or an early November.
It is an option to close earlier, but there's so much volume that was done in the first half of this year that the banks moving companies and lawyers just can't keep up.
The Ottawa market is stable and price. Um, and it's, and it's pricing that's that's above 2019 and 2021, but the number of units for listings is very similar to the year of 2019.
We're tracking very close to that number.
What I'm seeing though is in the last 60 to 90 days, there was a lot of relocation just in Ottawa.
It was local moves. Now we're getting relocation from across the country coast to coast buyers coming in, we've got a number of buyers coming in from BC and the Atlantic coast of the east, but we have a number of sellers going home.
They're either moving to BC, Alberta, or the Maritimes and the, and we're getting those calls now because during COVID the 50 plus buyer, the 45 plus buyer didn't move.
And now they're on the move. So they're making, they're making headway and those are the people that we're talking to.
"Greg, get my house in the market. I want to be out of here before the snow flies."
We've just put a number six new listings on the system in the last few days.
Lots of new stuff coming including a SIXPLEX
We have a beautiful rural property coming up along the Rideau River!
There's more inventory, there's more product.
There's definitely been a shift.
It is a well-welcomed shift where you don't have 45 people going through the same house in five days.
It's a little more relaxed. It's a little more balanced. Nice to meet up with my home inspector.
Again, I hadn't seen him in in months and just to maintain that relationship.
So houses are selling with conditions.
Again, you're seeing finance and inspection conditions.
Cash is still king.
You can get the best deal with a cash offer in most cases.
Our team did not follow the trend of the drop in 20.
We were actually above last July and we're trending, well ahead of the market.
When the going gets tough the tough get going
My name is Greg Hamre if we can help you make a move please reach out to us!
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