Spring is finally here!  May weather is making up for April’s inclement weather, and buyers (much alike to June bugs out of hibernation) are coming out of the woodwork.  Days on Market are down, sales and listings are both up; y/y but especially so over April.  Active listings have surged to over 50% higher than the five year average, but despite this the home price index for all property classes is higher y/y, with the exception of apartment-stlye condos.  It’s important to note that averages do not reflect property-specific characteristics, when evaluating homes for sale.  Homes that are marketed well and priced accordingly, are demonstrating very strong sales. 

Congrats to my seller on the firm sale of her beautiful home! 25 years of family gatherings, easter dinners and backyard entertaining will forever me immortalized and cherished and she prepares for the next stage in her life. And although it might feel bitter sweet leaving our home after such a long time, today marks a new chapter to not only create new lasting memoires with friends and family, but also meet new friends we haven't yet met along the way.

The Ottawa market report is out!  As expected, April sales and listings are up in the last month as we enter the spring market, these numbers are a lower relative increase when compared to historical selling activity (new listings and sales both down) as the market slowly ticks up in activity.  Months of inventory is now at 3.7 for April, as the residential market gets closer and closer to parity for buyers and sellers (parity).  It’s important to understand that certain neighborhoods and style of homes sell much more differently than others.  Homes that are priced well, show well, can sell quickly (within a day) and even with multiple offers (including no conditions).  

A bit slower-than-average March kicks off the Spring Real Estate market.  Active listings are up over 60% y/y, as reflected in months of inventory, which improved over February, is the highest in years (with the range from 2019 of 1.8 to last year of 2.3).  It’s important to understand that these averages represent the class as a whole, and certain pockets and style of homes can be much more competitive than others.  Buyers continue to reap the benefit of a continual downward trend in interest rates (borrowing costs) and increased supply (choice).