2016 Final Real Estate Market Update

It may have started off as a normal year, but once April hit and then particularly the 2nd half of the year, where new monthly records were set - Ottawa ended up with an excellent full year!

We sold 15,537 homes versus 14,653 in 2015.  That is a 6% increase!  Not bad at all.  Strengthened condo sales for most of the year were a large part of that ( +9.2% ).  Particularly in the $150,000 - 250,000 price range which was 55% of the total condo market in 2016.

The other significant news is the Average Days on the Market (DOM) at 95.  85 DOM for residential and 113 for condos, 95 days overall.  That was an adjustment for many sellers this year.

As well, the inventory levels for both condos and residential homes trended lower all year, but particularly from May onwards - in the double digits actually.  We ended the year with 13.7% less inventory over 2015.  My thought is, now is a good time to move faster and get on the market - there are many buyers waiting for new listings who are qualified and ready to purchase.

2017 is expected to be similar.  Ottawa is fortunate to have a strong local economy, stable job market and many positive local projects bolstering our local consumer confidence.  So it will be a good year for housing sales, particularly resale homes and condos.

If you have any questions, or want to know about your neighborhood or home specifically, we are always available to you.  The Lorie Ann Warren Team has an exciting year planned and many new initiatives to getting homes sold, and we look forward to helping you achieve your goals!

Happy New Year!  Lorie