Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Boardโs Multiple Listing Serviceยฎ (MLSยฎ) System, compared with 1,102 in July 2022, an increase of 15%. Julyโs sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.
โBoth transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hikes by the Bank of Canada. Weโre only a month into the third quarter, but based on Julyโs positive indicators, we are likely to see solid year-over-year results in the second half,โ says Ottawa Real Estate Board President Ken Dekker.
By the Numbers โ Average Prices*:
- The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.
- The average sale price for a condominium-class property was $435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.
- With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.
โJulyโs average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early 2022. Additionally, inventory continues to climb steadily as new listings are added to the housing stock, creating more options for homebuyers. August may be a slower month in Ottawa, but I wouldnโt take a vacation from shopping for your home.โ
By the Numbers โ Inventory & New Listings:
- Julyโs new listings (2,234) were 6% lower than July 2022 (2,364) and down 19% from June 2023 (2,755). The 5-year average for new listings in July is 2,336.
- Months of Inventory for the freehold-class properties has decreased to 2.7 months from 2.9 months in July 2022 but increased from 2.1 months in June 2023.
- Months of Inventory for condominium-class properties has decreased to 2.3 months from 2.5 months in July 2022, but is up from 1.4 months in June 2023.
- Days on market (DOM) for freeholds have increased to 26 days from 20 days in July 2022 and 23 days from June 2023.
- Days on market (DOM) for condos have increased to 28 days from 20 days in July 2023 and 27 days in June 2023.
โAlthough we are in a sellersโ market again, the pandemicโs frenzy has calmed considerably. Sellers need to manage their expectations with true market activity โ not every property will automatically see multiple offers or immediate sales. Ultimately, a propertyโs price is determined by how much a buyer is willing to pay. Using the marketing and negotiation skills of a professional licensed REALTORยฎ is instrumental for both buyers and sellers in this fluid market.โ
REALTORSยฎ also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,921 properties compared to 3,528 last year at this time, an increase of 11%.
Source: Ottawa Real Estate Board