Ottawa’s resale housing market in June saw total sales up over last year and an encouraging increase in the number of properties for sale, the Ottawa Real Estate Board reports.
But total inventory remains low. That means the market is continuing to favour sellers. On average, properties in June sold in less than a month. Multiple offers were common in the city’s most in-demand neighbourhoods.
Members of the Board sold 1,658 residential properties in June through the Board’s Multiple Listing Service (MLS) System. That’s an 11% increase over the number sold in June of 2022. The five-year average for June sales in our region is 1,881.
Ken Dekker, President of the Ottawa Real Estate Board, said June started well but as the month progressed, the pace of sales slowed.
“Although June’s transactions surpassed last year’s, the number of sales, average prices and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical decline in summer activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve.”
The “months of inventory” in the Ottawa market (the time it would take to sell all properties if no new listings were added) has increased slightly since May. But supply remains low. We will be watching to see if the increase in listings continues in coming months.
“Supply is trending in the right direction,” Ken Dekker says. “The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales.”
Here are some key numbers from June’s resale market:
Average sale price of a condominium-class property in June: $448,380. That’s up 2% from the average in June of last year, and it’s up 1% from the average in May of 2023.
Average sale price of a freehold-class property in June: $746,445. That’s down 4% from the average price in June of 2022, but is on par with the average price in May of 2023.
Average Days on Market for Condo-class properties: Condo properties sold in an average of 27 days. The May average was 26 days.
Average Days on Market, Freehold-class properties: Properties sold in an average of 23 days, on par with the average in May.
Months of Inventory for freehold-class properties: 2.1 months. That’s up slightly, from 1.9 months in June of 2022, and up from 1.5 months in May of 2023.
Months of inventory for condo-class properties: 1.4 months. That’s down from 1.6 months in June of 2022, but up from 1.3 months in May of 2023.
“We are looking forward to a strong second half of 2023 in terms of sales volume and prices compared to last year,” says Ken Dekker. “Whichever side of the transaction you are on, the advice of a professional Realtor who has their pulse on the week-to-week variabilities in Ottawa’s resale market is priceless.”
As always, the Ottawa Real Estate Board cautions that while average sale prices for a specific month can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. As with any city, prices will vary by neighbourhood.
If you’re considering selling or buying property in Ottawa, I’d love to chat and tell you about the current market and conditions in your area of the city. With more than 30 years of experience as a Realtor in Ottawa, I have helped hundreds of buyers and sellers in a wide range of market conditions.
You can read more about me at www.nancybenson.com.
Feel free to give me a call, at 613-747-4747.