The numbers are here for how the real estate market performed in July 2024
Ottawa Real estate monthly stats
In July 2024, 1,241 homes were sold through the Ottawa Real Estate Board’s (OREB) MLS® System, marking a 13.6% increase from July 2023.
Compared to the usual numbers, July's home sales were 7.1% lower than the five-year average and 8.8% below the ten-year average for July.
So far this year, 8,349 homes have been sold, showing a 5.5% rise compared to the same period in 2023.
"“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” says the president of the Ottawa Real Estate Board. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist.”
By the Numbers – Inventory & New Listings
The number of new listings saw an increase of 17.1% from July 2023. There were 2,231 new residential listings in July 2024. New listings were 6.3% below the five-year average and 6.9% below the 10-year average for the month of July.
Active residential listings numbered 3,480 units on the market at the end of July 2024, a gain of 37.0% from July 2023. Active listings were 50.6% above the five-year average and 2.3% below the 10-year average for the month of July.
Months of inventory numbered 2.8 at the end of July 2024, up from 2.3 in July 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Thank you for following along the monthly trends. As these numbers are only an average for the whole city, if you would like to know more about your specific area please reach out to me and I will try to get you more information.
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