Hi guys, thanks for checking out my latest market update on Orleans.
I took a look at the market in Orleans comparing last year to this year and what I found was really interesting. On average prices haven’t gone up, days on market are a little bit longer in every kind of market such as free hold or condo type properties.
The real story here is with single family detached homes. I looked at the the expired homes, the ones that didn’t sell. And up until this time last year in 2015 55% of single family homes last year did not sell, this year 65% of single family homes didn’t sell. That means that only 35% of homes on the market are actually selling.
Why is that happening?
The reason is because Orleans is a suburb originally built off of baby boomers but for the past ten years they’ve been slowly moving out of their homes slowly. The problem is that they are not being absorbed fast enough. The people who are buying homes right now are young families in their early 30s who are not quite ready to buy those big family homes.
The days on market are longer and prices are lower. In particular for single family homes are on the market for 10% longer. If you’re a seller you should look into getting a good agent so that your home isn’t on the market longer than it needs to be. And if you’re a buyer – it’s a great time to buy a home in Orleans.
I hope you found this helpful, keep checking back for more updates on the market in Ottawa!
The Evans Real Estate Group Blog 