Ottawa’s resale home and condo market continued to favour sellers in July, with average sale prices and total transactions up from the same month last year, the Ottawa Real Estate Board has reported.
And while homes and condos took a few days longer to sell than they did in July of last year, they still sold in less than a month on the market on average.
Members of the Board sold 1,263 residential properties in July through the Board’s Multiple Listing Service (MLS) System. That’s up 15% from the 1,102 sold in July of last year, although it’s below the five-year average for sales in July, which is 1,621.
“Both 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,” says Ken Dekker, President of the Ottawa Real Estate Board.
“We’re only a month into the third quarter, but based on July’s positive indicators, we are likely to see solid year-over-year results in the second half,” he says.
Key Numbers from July’s Sales:
Average sale price of a condominium-class property in July: $435,094. That’s up 2% from the average in July of last year.
Average sale price of a freehold-class property in July: $754,188. That’s up 5% from the average in July of 2022.
Average sale price, Year-to-Date, for condominium-class properties: $433,447. That’s a 6% decrease from the same period in 2022.
Average sale price, Year-to-Date, for freehold-class properties: $735,103. That’s a 9% decrease from the same period in 2022.
As expected, says Ken Dekker, “year-to-date numbers are still closing the gap from the peak pandemic market activity of early 2022.”
Average days on the market, condominium-class properties: 28. That’s up from 20 days in July of last year.
Average days on the market, freehold-class properties: 26. That’s up from 20 days in July of last year.
New listings in July: 2,234. That’s 6% less than July of 2022, and it’s below the five-year average for new listings in July (2,336).
Months of inventory, condominium-class properties: (The time it would take for current stock to sell out if no new listings were added): 2.3 months. That’s down from 2.5 months in July of last year, but an improvement from 1.4 months in June of this year.
Months of inventory, freehold-class properties: 2.7 months. That’s a decrease from 2.9 months in July of last year, but an increase from 2.1 months in June of this year.
Although inventory is low, Ken Dekker cautions sellers not to necessarily expect the fast sales and multiple-offer scenarios common in the market during the peak activity in early 2022, when interest rates were lower and there were more buyers looking.
“Although we are in a seller’s market again, the pandemic’s frenzy has calmed considerably. Sellers need to manage their expectations with true market activity. Not every property will see multiple offers or immediate sales. Ultimately, a property’s price is determined by how much a buyer is willing to pay. Using the marketing and negotiation skills of a professional licensed Realtor is instrumental for both buyers and sellers in this fluid market.”
The Board cautions, as always, 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 in Ottawa will vary by neighbourhood.
If you are considering buying or selling property, I’d be happy to tell you more about the current market, and conditions in your area of the city. With more than 35 years of experience as a Realtor in Ottawa, I’ve assisted thousands of clients to buy or sell properties and to purchase investment units.
You can read more about me at www.nancybenson.com. Feel free to give me a call, at 613-747-4747.
