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Home Inventory is Low - Now is the Time to Sell
Dated: January 12 2022
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2021 was an unprecedented year in real estate. Sales demand was high, fueled by the continuing pandemic which saw people seeking more space and a safe place to call their own.
By the end of the year, and coming into 2022, inventory on the national housing market had hit an all-time low.
Quiet market
The Canadian Real Estate Association’s latest numbers show that in November there were only 1.8 months of inventory. In other words, if no new properties went on the market, everything currently listed for sale would be sold in under 2 months. The long-term average monthly inventory in Canada is over 5 months.
The number of newly listed properties may be coming up, but it’s happening slowly.
Within Mississippi Mills, we haven’t seen a new listing get posted for about a week now. While in Carleton Place there has been a steady trickle of listings every few days, the high asking prices on the properties clearly indicate a high demand and a lack of available options (or, as we call it in the business, a “seller’s market”).
The average price of homes sold on the Ottawa Real Estate Board in 2021 was 24% higher than in 2020. That is because inventory in Ottawa has been dropping along with the rest of the country, even though Ottawa has historically had less than the national average to begin with. And, by December 2021, there was less than one month’s inventory in both residential and condominium properties on our board listings.
Yet, at the same time, we know anecdotally, and from experience speaking to prospective buyers, that a lot more people have been looking to move out of the city and into towns like Almonte and Carleton Place. More people have also recently been seeking properties with a bit more land in areas like Lanark Highlands and Kemptville.
Sell now
If you live in this area and have been considering selling your home, now is a great time to do it!
With numerous buyers vying for limited purchase options, good properties move rather quickly these days.
Demand in this area is high and inventory is remarkably low. Your home value could be a lot better than you even realized.
Want to know what your home is worth? Get your free estimate on our website. Or, better yet, call 613-256-7285 and speak directly with a Realtor to get up-to-date, accurate comparisons for your property.
Paul Schnittker
Almonte has been my home for many years, and I love living and working in this community. I moved from sales to Real Estate in 2016 because I wanted to help others find their dream home here in the Ot....
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