Ottawa Resale Market Favoring Sellers Again
After a few months of balanced conditions, Ottawa’s resale real estate market is favoring sellers again because of lower than usual inventory on the market.
There is other good news for sellers in the Ottawa Real Estate Board’s report on sales in Ottawa for April.
Multiple-offer situations have returned in certain neighbourhoods, and properties are selling faster than they did in March, with residential-class properties selling in an average of less than a month.
Average sale prices were down from where they were in April of 2022, but they have increased by 13.9% in four months since the market low we experienced in December of 2022.
Some key numbers:
Average Sale Price for a residential-class property in April: $747,123. While that’s 10% below where it was in April of last year, it’s up 5% over the average in March.
Average sale price for a condominium-class property in April: $435,875. That’s 8% below the average in April of 2022, but it’s up 4% from where it was in March.
New Listings in April: 2,144. That’s25% lower than April of last year, and it’s below the five-year average for new listings in April, which is 2,575.
Average Days on the Market in April for residential-class properties: 27. That’s down from 34 days in March.
Average Days on the Market in April for condominium-class properties: 33. That’s down from 39 days in March.
The lower than usual number of new listings in April contributed to higher prices and faster sales.
“Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022,” says Ken Dekker, President of the Board.
“However, with new listings not keeping pace, the available housing stock is declining,” he said, noting there is less than two months of inventory (the time it would take to sell all current listings if no new properties were added).
“We’re back into seller’s market territory,” he said.
Upward pressure on sale prices, he noted, “continues, with average prices increasing for the fourth month since the market low in December. Additionally, multiple offer situations have returned to certain neighbourhoods, and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.”
As always, the Ottawa Board cautions that while average sale prices for specific months can be useful in establishing trends over time, they should not be used as an indication that specific properties have increased or decreased in value. As with all cities, prices and price changes in Ottawa vary from neighbourhood to neighbourhood.
If you’re considering selling or buying property, I’d love to tell you more about the current market and conditions in your area, and the expertise I can offer, with more than 30 years of experience as a Realtor in Ottawa.
If you’re selling, I can show you the sale prices that have been accepted recently for similar properties in your neighbourhood, so we can determine an asking price that reflects the current market.
If you’re buying, I can help you find a property that fits your budget and wish list and I can tell you about the successful approach I’ve used to help buyer clients over the past few years find new homes, even with limited inventory available.
You can read more about me and my team at www.nancybenson.com. Feel free to give me a call, at 613-747-4747.