The housing market in Ottawa was hot again, despite not so great weather which (most think) fueled the resale housing market. Members of the Ottawa Real Estate board sold 1,577 residential properties in July 2009 compared to 1,414 in July 2008. That is an increase of 11.5 percent over 2008.

Home values saw an increase with the average condominium sale price rising 2.9 percent over July 2008 to $216,826. Residential homes saw an increase of 1.2 percent over July 2008 to $322,795.

“Ottawa’s resale housing market had another strong month in July, and strong sales in the past few months have brought year-to-date sales to 2.6 per cent higher than in 2008,” said Board President Rick Snell. “High demand combined with a very low listing inventory is creating a very strong seller’s market with multiple offers and an increase in prices,” he added.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

Earlier today the OBJ posted the released Ottawa Real Estate Board statistics for the month of september. (Which is very odd, usually agents get it before if not the same day and I cant seem to find them anywhere yet. Hmmmm) Anyways, the meat:

- Overall housing sales jumped 9.3 per cent to 1,208 units for the month.
- This is after two months of declines and six months of weak sale numbers.
- “Prices continued to rise at a gentle but steady pace, similar to what we’ve been seeing for the past few months, which is great news for sellers,” said board president Heather Skuce.
- Average price for both (freehold and condominius) sold in September was $288,006, a 6.1 per cent increase from last year.
- Multi-unit’s averaged per unit price of $205,510 a 8.1 per cent increase from last month.
- Freehold homes sold for an average price of $309,971, a 5.8 per cent increase from last year.

So what does all this mean to you? If you are looking at selling, the above numbers show that September marked the beginning of the fall rush and it would be a good idea to get your property on the market to maximize your return.

If you are wearing the buyer hat, prices are going to stay at the levels they are at till December, if not rise. The next couple of months will have a high amount activity, a lot more buyers, and a lot more sellers. Be prepared and have all of your ducks in the row - Financing/Mortgage, preferred closing dates, and knowing exactly what you are looking for in a home. If you do not come to the table prepared you risk getting beat by another buyer.

Long term? Prices are still rising. Personally I believe that prices will continue to rise during peak periods (spring/fall) and will either slightly level out or remain the same during the “off periods” (summer/winter).

Http://www.MattRichling.com