Resale Market Heats up in May

Hey! We're back in the postive column for home sales. Residential class and condominium class homes are each up from last year in May, Of course the average prices will still be lower than last year as 2022 was a crazy year for prices. Last month still showed less listings than a year ago this time and home buyers will take notice as we are beginning to see a lot more offer presentation dates again.

If you are interested in more home sale stats for a specific area please reach out using our contact form.

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in May was $745,902, a decrease of 7% from 2022, but still on par with April 2023 prices.

• The average sale price for a condominium-class property was $442,859, decreasing 6% from a year ago. However, it marks a 2% increase over April 2023 prices.

• With year-to-date average sale prices at $727,728 for freeholds and $428,394 for condos, these values represent a 12% decrease over 2022 for freehold-class properties and a 9% decrease for condominium-class properties.

“We are not seeing steep price escalations yet. May’s average prices stayed on par with April’s, although prices are well over what we saw at the end of 2022. With demand mounting in Ottawa’s chronically undersupplied market, I expect the average sale price will surpass last year’s figures for a month over the same month in the latter half of 2023 again—provided we do not see interest rate hikes.”

By the Numbers – Inventory & New Listings:

• May’s new listings (2,822) were 9% lower than May 2022 (3,117) and up 32% from April 2023 (2,140). The 5-year average for new listings in May is 2,922.

• Months of Inventory for the freehold-class properties has increased to 1.5 months from 1.2 months in May 2022 but down from 1.9 months in April 2023.

• Months of Inventory for condominium-class properties has increased to 1.3 months from 1 month in May 2022, although down from 1.9 months in April 2023.

• Days on market (DOM) for freeholds decreased from 27 to 23 days and 33 to 26 days for condos compared to last month.

* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.