Here is a chart we have compiled from monthly Ottawa real estate board published unit sales results (residential and condo property unit sales/month) for the last 5 years. This demonstrates a pretty consistent annual pattern in the Ottawa market.
Spring is key:
April through June are typically our peak sales months and this will come as no surprise for most. Government employees are relocating and families looking for a summer closing and move before the next school year, give this season a major boost. Each year Ottawa real estate handles some 800-1000 moves in to town by government personnel with an equal number moving away from Ottawa. The highest % of these are military and RCMP relocations.
Summer surprisingly strong:
There is a significant myth that “real estate is dead in summer” and this table shows this is totally incorrect! July and August are typically the 4th and 5th busiest sales months of the year, so those who “wait until the market picks up in the Fall” are really doing themselves a disservice.
March, September and October:
These are “shoulder” or transition sales months. March activity is increasing for the busy spring and September and October are marked by erosion of peak demand heading in to the slower fall and winter season.
Ottawa sales take a breather, as fewer people want to move during the winter time and seasonal vacations, holiday activity and weather all play a role in making house buying not quite as active. A lot of planning and preparation for the peak season can be done during January and February, so still an active period-just not as many sales.
Personal Objectives most important:
What dictates selling or buying times is often based on a specific property being available and this then drives the sale of an existing home. Those with homes to sell will want to consider their buying and closing timelines in a way that optimizes selling an existing property if at all possible. For example, buying a new home that closes in February means one is selling an existing property in late fall in order to co-ordinate the new home purchase. This however, is not the best-selling market for the existing property-so the seller will have to take this in to account when doing their pricing and listing plans.
When will my property show best?
Most properties will not show their best until mid-May when leaves are on the trees and everything has “greened up”, so some may wish to time their listing (and photo) plans accordingly. For example, a house with a pool will look much more inviting when the pool is open and warmer temperatures occur.
Is my property ready to list?
It can take longer than one thinks to get a property in HGTV condition for listing and selling, so this must be planned in to the listing cycle.
Competition also a factor:
The quality and number of head to head competitors to the property being sold (both new and resale) also factors in to the timing decision.
How long will it take my property to sell?
Sellers will have to factor in both selling and closing time in to the planning timeline and these can vary widely by location, price point and property type.
There are a lot of variables to be considering in the listing, marketing and selling process and your Realtor is best equipped to help facilitate the process and optimize results based on all these factors. If one is planning a purchase or sale this year, January and February are the ideal months to sit down and have a planning discussion with your Realtor and any other key 3rd parties ie mortgage broker, stager, trades people.
If you are not already working with another Realtor, we are happy to provide a no cost, no obligation market evaluation of your property to help you with your real estate objectives.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
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