Hi Everyone,
Here are the MLS statistics for Ottawa for the month of November.
- MLS listings taken for November have decreased compared to listings taken in November 2007.
- Days on market. (DOM) For November 2008 have increased compared to November 2007. Approximately 43 days average.
- Inventory levels have increased for November 2008. Compared to November 2007.
- Unit sales for November 2008 are down compared to unit sale in November 2007.
What does this mean?
The average sale price for the month of November 2008 has increased by 7.7%. With the decrease in unit sales and the increase in listing inventory the sales to listing ratio is at 15% which indicates that the market is balanced. A balanced market means buyers have a better choice of listings. For a seller it means more competition and a longer selling time.
If you have any questions with respect to the Real Estate Market in Ottawa or you would like to know what locations and type of housing is doing better than others, please feel free to ask away.
Todd
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