11/08/2023
Ottawa MLS® October Home Sales Show Typical Lull:
The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 816 units in October 2023. This was a small reduction of 2.7% from October 2022. However, home sales were 36.4% below the five-year average.
“Life is expensive these days, which likely has both buyers and sellers staying put,” says Ken Dekker, OREB President. “We’re seeing a slow decline in sales activity but it’s minimal and not unexpected for this time of year. Prices are adjusting and coming down. While Ottawa’s inventory is slowly building, chronic supply issues mean there’s always an undercurrent of demand. Don’t let the lull fool you: now is a prime time for buyers to be looking for opportunities before the current carries us from a balanced market into seller’s territory.”
By the Numbers:
-The benchmark price for single-family homes was $721,600, up 2.2% on a year-over-year basis.
-By comparison, the benchmark price for a townhouse was $501,100, nearly unchanged, up 1% compared to a year earlier.
-The benchmark apartment price was $424,100, unchanged from year-ago levels. Months of inventory numbered 3.8 at the end of October 2023, just up from the 3.1 months recorded at the end of October 2022.
-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.
If you would like to know how these numbers effect you, please reach out: [email protected]
