The Latest Ottawa Real Estate Statistics

Stabilized July Resale Market Showing Positive Price Gains

The Ottawa Real Estate Board (OREB) recently released its market update for July 2023. Despite the two recent quarter-percent interest rate hikes by the Bank of Canada, the resale market in Ottawa seems to have stabilized and is showing positive price gains. Let's take a closer look at the key highlights from the report:

The Latest Ottawa Real Estate Statistics: Sales Volume

In July 2023, OREB members sold 1,263 residential properties, which is a 15% increase compared to the same month in 2022. The sales included 979 freehold properties, up by 18% from the previous year, and 284 condominiums, showing a 6% increase from July 2022. These figures indicate that consumers remain confident in the real estate market.

The Lastest Ottawa Real Estate Statistics: Average Prices

The average sale price for freehold-class properties in July was $754,188, a 5% increase from 2022 and a 1% increase from the previous month (June 2023). Similarly, the average sale price for condominium-class properties was $435,094, reflecting a 2% increase from a year ago, though it was 3% lower than the previous month (June 2023). Despite these fluctuations, overall year-to-date average prices have seen a 9% decrease for freehold properties and a 6% decrease for condominiums compared to 2022.

Ottawa Real Estate Statistics: Inventory and New Listings

New listings in July 2023 totaled 2,234, which was 6% lower than the previous year but 19% lower than June 2023. While this indicates a slight decrease in available properties, the inventory for both freehold and condominium properties remained relatively stable. Months of Inventory for freehold properties increased to 2.7 months from 2.1 months in June 2023, and for condominium properties, it went up to 2.3 months from 1.4 months in June 2023.

Ottawa Real Estate Statistics: Days on Market

Days on market (DOM) for both freehold and condominium properties have increased. For freehold properties, the DOM rose to 26 days from 20 days in July 2022 and 23 days in June 2023. Similarly, for condominiums, the DOM increased to 28 days from 20 days in July 2022 and 27 days in June 2023.

Ottawa Real Estate Statistics: What They Mean for Buyers

For buyers in the Ottawa real estate market, the recent market update indicates both opportunities and challenges. On the positive side, the increase in sales activity and stabilized prices could suggest that the market is less frenzied compared to previous months.

With more inventory available, buyers may have a broader selection of properties to choose from, potentially easing the pressure of competing for homes with multiple offers. Additionally, the extended days on market might offer buyers more time to thoroughly assess properties and negotiate terms.

However, it's essential for buyers to remain vigilant and not be complacent, as the market is still in favor of sellers. While prices have shown positive gains, they remain higher than previous years. As a result, buyers should approach their home search with a clear budget and be prepared for potential competition. Working with a knowledgeable real estate agent can be instrumental in navigating the market and making well-informed decisions to secure the right property at the best possible price.

Ottawa Real Estate Statistics: What They Mean for Sellers

For sellers in the Ottawa real estate market, the current conditions offer a favorable landscape for listing and selling their properties. The increase in sales activity and rising average prices indicate strong demand from buyers, creating a sellers' market. With inventory levels still relatively stable, sellers can benefit from the limited competition and attract motivated buyers seeking available properties.

However, it's important for sellers to set realistic expectations, as the market has calmed down from the peak pandemic activity. While prices have shown gains, they might not be as inflated as they were in early 2022. Properly pricing the property based on market conditions and recent comparable sales is crucial to attracting potential buyers.

Additionally, although properties are selling relatively quickly, it's not guaranteed that every property will receive multiple offers or sell immediately. Engaging the services of a licensed REALTOR® with expertise in the local market can be instrumental in devising effective marketing strategies and negotiating the best possible deals for sellers in this dynamic real estate environment.

The Lastest Ottawa Real Estate Statistics: Summary

The Ottawa real estate market in July 2023 has displayed positive trends in sales activity and average prices. Despite the recent interest rate hikes, consumers' confidence in the market remains strong. However, sellers need to adjust their expectations as the market has calmed down from the pandemic-driven frenzy. 

As the summer progresses, it will be interesting to see how the Ottawa real estate market further evolves. August might be a slower month, but for those considering buying or selling a property, now may still be the right time to make a move. Keep an eye on the market and work with experienced professionals to make the most informed decisions in this fluid real estate landscape.

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