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Shamil Jessa

Let's talk numbers. The overall MLS® Home Price Index (HPI) composite benchmark price for February 2024 landed at a cool $628,500. That's a 2.8% increase compared to February 2023. Not too shabby, right?

If you're eyeing that dreamy single-family home, you might be interested to know that their benchmark price was $708,500, showing a 3.1% uptick from last year. Meanwhile, townhouse/row unit aficionados saw a slight but steady rise of 0.6% with a benchmark price of $495,000. Apartment dwellers weren't left out either, as the benchmark price for apartments climbed to $417,000, marking a 2.7% increase.

Now, let's shift gears to the average price of homes sold in February 2024, which clocked in at $651,340. That's a 2% jump from the same month last year. And if you're curious about the total dollar volume of all home sales, well, it soared to a whopping $577 million, showcasing a robust 17.5% surge from February 2023. Talk about a lively market!

But hold on a second – before you start making big moves based solely on averages, the Ottawa Real Estate Board (OREB) reminds us to tread carefully. While average sale prices can give us a bird's-eye view of trends over time, they might not accurately reflect individual property values. Prices can vary significantly from one neighbourhood to another, so keep that in mind while navigating the market.

Let's zoom in on inventory and new listings. February 2024 saw a 29.5% spike in new residential listings compared to the previous year, totaling 1,539 fresh listings. These numbers were above the five-year average by 10.3% but slightly below the 10-year average by 3.3%. On the flip side, active residential listings stood at 2,158 units by the end of February 2024, marking a 16.3% increase from February 2023.

So, what's the verdict on inventory levels? Well, we're sitting at a steady 2.4 months of inventory, unchanged from last year. This metric tells us how long it would take to sell all current inventories at the current rate of sales activity. It's a handy indicator to gauge market dynamics and buyer/seller balance.

Disclaimer: All data and insights are based on information available as of March 2024. Market conditions may vary, so always consult with real estate professionals for the latest updates and personalized advice.

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