Key Insights:

Inventory of residential homes and condos continues to rise giving buyers more time and options. The top 40% of listings are still generating multiple offers and strong sold prices.

• Cancelled listings up – Homes are being put on the market for 2-4 weeks and if they do not generate their target offer price the listings are being cancelled.
  • Cancelled listings in May 2021 – 601
  • Cancelled listings in May 2020 – 311

 

April 2021 to May 2021 Comparisons:

• Prices for condos, townhomes and detached homes were similar to a month ago.

 

What does this mean for sellers:

• It is very important to correctly list and stage your property. Buyers are becoming more discerning as inventory increases. Renovated and well staged homes are still generating multiple offers while less desirable properties are sitting on the market.

 

What does this mean for buyers:

• Prices have mostly flatlined and inventory has doubled since February. This is excellent news for buyers.

 

I am always happy and available to answer any real estate questions you may have. Please feel free to contact me at 613.263.7883 or email me at kiril@sutton.com.

 

*All data comes from the Ottawa Real Estate Board