The Latest Ottawa Real Estate Statistics

Ottawa Real Estate Market Sees Sales Increase

The Ottawa Real Estate Board (OREB) recently released its market update for May, revealing a positive trend for the local real estate market. After experiencing a slowdown since February 2022, the number of residential property sales in Ottawa has finally seen a year-over-year increase. This growth in sales, combined with limited inventory, continues to create a seller's market in the region. However, despite the high demand, average prices have remained relatively stable, with modest decreases compared to the previous year. Let's look into the details of the Ottawa real estate market update for May.

The Latest Ottawa Real Estate Statistics: Sales Volume

In May 2023, OREB members successfully sold 1,939 residential properties through the MLS® System, representing a 6% increase from May 2022. Of these sales, 1,477 were freehold properties, marking an 8% increase from the previous year. Condominium properties also experienced a slight upswing, with 462 units sold, representing a 1% increase. It's worth noting that the total unit sales for May align with the five-year average of 1,961, highlighting a healthy market performance.

The Lastest Ottawa Real Estate Statistics: Average Prices

The average sale price for freehold properties in May 2023 was $745,902, showing a 7% decrease from the previous year. However, these prices remained consistent with April 2023 figures.

The average sale price for condominium properties in May 2023 was $442,859, representing a 6% decrease compared to the previous year. Nonetheless, this still indicated a 2% increase over the average prices seen in April 2023. Year-to-date average sale prices for both freehold and condominium properties have experienced decreases of 12% and 9%, respectively, compared to 2022.

Ottawa Real Estate Statistics: Inventory and New Listings

New listings in May 2023 totaled 2,822, which was 9% lower than May 2022 but exhibited a significant increase of 32% from April 2023. The five-year average for new listings in May stands at 2,922. Although the number of new listings has risen, the supply remains limited, resulting in low inventory levels.

For freehold properties, the months of inventory increased to 1.5 months compared to 1.2 months in May 2022, while for condominium properties, it increased to 1.3 months from 1 month in May 2022. However, these figures show a slight decrease from the inventory levels in April 2023. Days on market (DOM) also decreased for both freeholds and condos, indicating a faster pace of sales compared to the previous month.

Ottawa Real Estate Statistics: What They Mean for Buyers

The Ottawa Real Estate Board market update for May presents both opportunities and challenges for buyers. While the increase in sales volume indicates a slightly more active market, it is still a seller's market characterized by limited inventory. With low supply and high demand, buyers may face increased competition and potential multiple-offer situations, particularly in desirable neighborhoods.

Additionally, although average prices have remained relatively stable, it is essential for buyers to stay vigilant and carefully assess the market to ensure they make informed purchasing decisions. Working closely with a knowledgeable real estate agent who can provide up-to-date market insights and assist in navigating the competitive landscape becomes crucial for buyers aiming to secure their desired property at a fair price.

Ottawa Real Estate Statistics: What They Mean for Sellers

The recent Ottawa Real Estate Board market update for May brings promising news for sellers in the region. After experiencing a slowdown in sales since February 2022, the market has finally seen a year-over-year increase in sales volume. With high demand and limited inventory, Ottawa remains a strong seller's market. This means that sellers can expect favorable conditions and potentially secure competitive offers on their properties.

The sustained demand and increasing sales volume suggest that prices may see upward pressure as demand continues to outstrip supply. However, it's important for sellers to stay updated on market trends and consult with experienced real estate professionals to maximize their selling potential in this evolving and competitive market.

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The Lastest Ottawa Real Estate Statistics: Conclusion

The Ottawa real estate market experienced a positive shift in May, with sales volume increasing for the first time since February 2022. This upward trend reflects the strong demand for properties in the region. Despite the limited inventory, average prices have remained relatively stable, signaling a balanced market. As the year progresses, it will be interesting to observe how the market dynamics evolve and whether interest rate adjustments will impact the demand-supply equation.

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