The Latest Ottawa Real Estate Statistics

The real estate market in Ottawa has seen a decline in sales for residential properties in March compared to the same period last year. According to the Ottawa Real Estate Board (OREB), there were 1,194 residential properties sold through the Board's Multiple Listing Service (MLS) System in March, a 40% decrease from March 2022, which saw 2,003 sales.

The decrease was observed across both the freehold and condominium categories, with freehold sales down 40% and condo sales down 42% compared to the same period last year.

Despite the decrease in sales, the OREB President, Ken Dekker, sees this as typical spring activity, with the recent increase in transactions as a sign of a balanced market state. This is in contrast to the pandemic peaks of 2022. As the spring unfolds, a clearer picture of Ottawa's real estate market will emerge.

The Latest Ottawa Real Estate Statistics: Prices

The average sale price for freehold-class properties in March was $710,070, which is a decrease of 17% compared to the previous year. However, it marks a 0.2% increase from February 2023. The average sale price for condominium-class properties was $418,670, which is a 13% decrease compared to last year, but still a 2% increase from February 2023.

The year-to-date average sale prices for freehold and condominium properties in Ottawa are $701,837 and $414,698, respectively. These figures represent a 16% decrease over 2022 for freehold properties and an 11% decrease for condominium properties.

It is interesting to note that freehold prices have climbed approximately 8% during Q1 2023 over December 2022's market low. This suggests that Ottawa's resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, making them more affordable based on the current interest rate structure. These trends indicate that prices are headed in the right direction, making it a good time for those looking to invest in the Ottawa real estate market.

The Lastest Ottawa Real Estate Statistics: Housing Inventory

Inventory for freehold-class properties has increased to 2.3 months from 0.6 months in March 2022, while inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022. This is likely due to a decrease in new listings in March 2023, which was 21% lower than March 2022. However, new listings in March 2023 were up by 53% from February 2023, which could indicate a more active market in the coming months.

Days on market (DOM) for freehold properties decreased from 37 to 34 days, while DOM for condominiums decreased from 43 to 39 days compared to last month. This suggests that well-priced and well-prepared homes are selling. REALTORS® have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can also benefit from the same data along with their negotiation expertise to ensure they are receiving the best value for their money.

Ottawa Real Estate Statistics: Overview

In conclusion, while the Ottawa real estate market saw a decrease in sales for residential properties in March compared to the same period last year, the market is stabilizing and moving in the right direction. 

Ottawa Real Estate Statistics: What They Mean for Buyers

For home buyers, the latest OREB news release provides valuable insights into the current state of the Ottawa real estate market. With a 40% decrease in residential property sales compared to March 2022, and year-to-date average sale prices down by 16% for freehold-class properties and 11% for condominium-class properties, buyers can expect to possible have more bargaining power in negotiations than in previous years.

Additionally, with an increase in inventory and new listings, buyers have a wider selection of properties to choose from. However, buyers should be prepared to act quickly as the days on market for both freehold and condominium properties have decreased compared to last month. Working with a trusted REALTOR® who has access to up-to-date market statistics and can help negotiate the best value for their money can also be beneficial for home buyers.

Ottawa Real Estate Statistics: What They Mean for Sellers

Ottawa is stabilizing, with prices for freehold properties showing signs of improvement. While there has been a decrease in the number of homes sold compared to last year, the recent rise in transactions is a sign of typical spring activity. Days on market have also decreased, indicating that well-priced and well-prepared homes are selling quickly. However, it is important for sellers to position themselves at the current market value based on recent sales and hyper-local market comparisons to ensure they are pricing their homes appropriately.

Working with a REALTOR® can provide valuable insights into the current market conditions and help sellers make informed decisions about pricing and preparing their homes for sale.

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