Overall, 2014 looked a lot like 2013 for real estate in Ottawa, with a few differences. With an entire year of data to work with, I thought we’d take a look at last year in Ottawa real estate from three different angles:
- looking at the graphs of 9 key statistics that I put together every month,
- using the Ottawa Real Estate Board’s Home Price Index for the past 5 years,
- breaking down the number of homes and condos sold by major area of the City and comparing to the past few years.
This article (i.e. Part 1) looks at the 9 graphs. You can find parts 2 and 3 here:
Part 2 – Ottawa Home Price Index 2014 – This article explores the Ottawa MLS home price index data for 2014.
Part 3 – Ottawa House Price 2014 – This article provides information about home and condo sales and prices in each major area of Ottawa.
Compared to 2013, the biggest differences in 2014 were:
- on average it took considerably longer to sell a home or condo, with 4 individual months in 2014 having average days on market over 60 days. Properties had already been taking longer to sell in 2013 compared to previous years, and if 2014 had maintained the same pace that would have been one thing – but taking even longer to sell homes is strong evidence of a market favouring buyers over sellers.
- the number of homes and condos on the market has been increasing each year but in 2014 it’s the first time that the market has sustained more than 6 months of inventory for an extended period of time. From March through September there was more than 6 months of inventory on the market, given the pace of sales. This statistic is commonly used as one way to define whether we are in a buyer’s, balanced, or seller’s market, with 6 months or more of inventory indicating a buyer’s market. So, by this measure, 2014 was the first year in recent memory that was officially a buyer’s market throughout the busiest part of the year.
- the pace of sales in 2014 differed from 2013 in that the first half of 2014 was a little slower and the second half was faster, making up lost ground. 2013 had started a little more quickly, and slowed down in the second half. Perhaps this is one faint early sign that the pace of the market overall is beginning to speed up.
Bring on 2015 and we shall see.