The Latest Ottawa Real Estate Statistics

June's Resale Market Shows Stability

The Ottawa Real Estate Board (OREB) has released its market update for June, revealing positive growth in residential property sales compared to the same period last year. While certain metrics experienced a decline, overall market conditions appear stable. Let's look into the key findings of the report.

The Latest Ottawa Real Estate Statistics: Sales Volume

In June 2023, OREB members sold 1,658 residential properties through the MLS® System, indicating an 11% increase from June 2022. This surge in sales included 1,234 freehold properties, marking a 10% growth, and 424 condominiums, showing a significant 16% rise compared to the previous year. It's worth noting that June's total unit sales fell slightly below the five-year average of 1,881.

The Lastest Ottawa Real Estate Statistics: Average Prices

The average sale price for freehold-class properties in June was $746,445, experiencing a 4% decrease from 2022 but remaining consistent with May 2023 figures. On the other hand, the average sale price for condominium-class properties reached $448,380, reflecting a 2% increase compared to last year and a 1% rise from May 2023 prices. Year-to-date average sale prices reveal a 10% decrease for freehold-class properties and a 7% decrease for condominium-class properties compared to 2022.

Ottawa Real Estate Statistics: Inventory and New Listings

June's new listings amounted to 2,758, marking a 14% decline from June 2022 and a 2% decrease from May 2023. The five-year average for new listings in June stands at 2,802.

While the supply of freehold-class properties has increased, with the months of inventory rising to 2.1 from 1.9 in June 2022 and 1.5 in May 2023, condominium-class properties experienced a decrease in months of inventory, dropping to 1.4 from 1.6 in June 2022 (but up from 1.3 in May 2023).

Days on market (DOM) for freehold properties remained steady at 23 days, while condominiums witnessed a slight increase to 27 days, compared to 26 days in the previous month.

Ottawa Real Estate Statistics: What They Mean for Buyers

For prospective buyers in the Ottawa real estate market, the June market update presents a mixed picture. On one hand, there has been an 11% increase in residential property sales compared to last year, indicating a healthy level of activity. The increase in inventory and new listings also means that buyers will have more options to choose from. This could potentially lead to a more balanced market, where buyers have a better chance of finding their ideal property.

However, buyers should be aware of the 2% increase in average sale prices for condominiums compared to last year. It's important to carefully consider budgetary constraints and assess the value of properties in relation to their asking prices. With the guidance of a professional Realtor who is well-versed in the market trends and can provide valuable insights, buyers can navigate the market effectively and make informed decisions. Patience and thorough research will be key in finding the right property at the right price in this evolving market.

Ottawa Real Estate Statistics: What They Mean for Sellers

For sellers in the Ottawa real estate market, the June market update brings both positive and cautionary implications. On the positive side, there has been an 11% increase in residential property sales compared to the same period last year. This indicates a healthy demand for properties and suggests that sellers can still find willing buyers. Additionally, the increase in inventory and new listings is encouraging, as it means more selection for buyers and potentially more opportunities for sellers to attract interested parties.

However, sellers should be mindful of the 4% decrease in average sale prices for freehold properties compared to 2022. It is essential to set realistic pricing expectations to remain competitive and attract potential buyers. Consulting with a professional Realtor who has a deep understanding of the market dynamics and can provide valuable guidance on pricing and marketing strategies is crucial for sellers looking to maximize their opportunities in this evolving market.

The Lastest Ottawa Real Estate Statistics: Conclusion

Despite a decline in certain areas, Ottawa's resale market appears stable, with an increase in sales compared to June 2022. The average sale prices for both freehold and condominium properties showed mixed trends. The increase in inventory and new listings is a positive sign, providing buyers with more options. Looking ahead, real estate professionals anticipate a strong second half of 2023 in terms of sales volume and prices. 

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