Is THIS a Seller’s market?
First let’s understand exactly what a “Sellers Market” is. According to Investopedia a Seller’s market is “a condition characterized by a shortage of goods available for sale. In a seller’s market in commodities, the seller–because of the scarcity of underlying commodities or goods–is able to obtain better conditions for the sale, or higher prices.”
So now let’s apply this definition to our real estate market. “Members of the Ottawa Real Estate Board sold 712 residential properties in January 2018 through the Board’s Multiple Listing Service® System, compared with 664 in January 2017, an increase of 7.2 per cent. The five-year average for January sales is 638. This means demand is increasing.
“While January is typically the month we see the lowest number of listings come onto the market, the numbers for this month are very low,” Rick Eisert, 2017 President of the Ottawa Real Estate Board, observes. “The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018’s listings were at 994 and 406 respectively.” This shows that supply is dropping.
“We saw this trend throughout 2017, and the result is our resale market is being challenged by decreasing supply in both the residential and condo markets. Furthermore, as the supply continues to be reduced, it will tend to put an upward pressure on prices. This is simple supply and demand economics,” he adds.”
“For homeowners thinking of selling, this is a good time to get your property on the market before spring,” Eisert advises. “Since inventory is currently low, sellers will certainly get attention because selection for buyers in some areas, in particular, is quite limited.”*
So, that’s the news for Ottawa, but what’s happening here in Almonte and Carleton Place? My sense is that homes are selling very, very quickly in Carleton Place – and prices don’t seem to matter. I have seen lots of conditional and firm sales of homes over the $400k mark – which is above the average home price for Carleton Place. Activity seems busy in Carleton Place because they are at least getting new listings on the market. There were 40 new properties listed since January 1st, 4 conditionally sold, and 17 sold firm! That’s fast!
In Almonte we have seen very few new listings on the market – only 17 since January 1st, and 2 of those are conditionally sold and one sold firm. While 17 might sound like a lot, this includes condos as well as single family homes, and prices range from $232,900 to $1,550,000. So, not a lot to choose from in any price point! I have many buyers looking to buy in Almonte but the inventor simply isn’t available yet.
So, if you have been thinking of selling your home, this might be YOUR year!
** taken from the Ottawa Real Estate Board website