Ottawa Real Estate Market Favouring Sellers again
Resale Market Springs Back in Favour of Sellers
The market is favouring Sellers again. We are starting to see homes sell a lot quicker now as our inventory still remains low. The good things for Buyers right now is that most of these homes and selling with conditions. Don't be suprised though to see offer dates and multiple offers still. Below are some stats provided by the Ottawa Real Estate Board.
By the Numbers – Average Prices*:
Average prices have increased by 13.9% in four months since the market low in December 2022.
The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
By the Numbers – Inventory & New Listings:
April’s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). The 5-year average for new listings in April is 2,575.
Months of Inventory for the freehold-class properties has increased to 1.9 months from 0.9 months in April 2022 but down from 2.3 months in March.
Months of Inventory for condominium-class properties has increased to 1.9 months from 0.8 months in April 2022, although down from 2.1 months in March.
Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month.
“These numbers are static, snapshots in time. REALTORS® can give buyers and sellers a fulsome day-to-day picture of how the market is shifting and heating up this season. They have their fingers on the pulse of each neighbourhood in the city and can help buyers and sellers make localized, strategic, data-informed decisions.”