July 2023 Stats Newsletter
Welcome to the latest edition of The New Door Real Estate Team’s Ottawa Residential and Condo Real Estate Market Newsletter. We are excited to provide you with an overview of the market trends and changes that occurred over the past year, specifically focusing on residential properties and condos, and comparing the statistics from the end of June 2022 to the end of June 2023
Overall Market Performance:
The residential and condos in Ottawa saw a steady upward trajectory in prices. At the end of June 2022, the average price for residential homes was $773,162, and for condos, it was $445,380. at the end of June 2023, the average residential home price decreased to $746,445, representing a 3.5% decrease. The average condo price increased to $437,894, indicating a growth of 2.1% within the one-year timeframe.
Housing Prices:
Both residential properties and condos in Ottawa saw a steady upward trajectory in prices. At the end of June 2022, the average price for residential homes was $746,445, and for condos, it was $445,380. At the end of June 2023, the average residential home price decreased to $746,445, representing a 3.5% decrease. The average condo price increased to $437,894, indicating a growth of 2.1% within the one-year timeframe.
3Sales Activity:
The sales activity for both residential properties and condos remained strong throughout the year. From the end of June 2022 to the end of June 2023, the total number of residential home sales increased to 1,234, indicating an 11% rise in sales volume. The demand for condos also saw a notable increase, with sales rising to 500, representing a 16% growth.
Inventory Levels:
The supply of available residential properties and condos in Ottawa experienced fluctuations over the year. At the end of June 2022, a total of 3,212 properties were newly listed in comparison to the end of June 2023 where 2,758. This represents a decrease of 14%.
Days on Market:
The average number of days a residential property or condo spends on the market is essential in assessing market competitiveness. In this period, the average days on the market increased from 20 days at the end of June 2022 to 33 days in July 2023 for residential properties, and from 10 days to 33 days for condos. These figures represent an increase of 64.5% and 107.2%, respectively
New Developments:
The Ottawa real estate market witnessed the introduction of several new developments, including housing complexes, townhouses, and condominium projects. These developments added to the diversity of residential and condo options available to potential buyers and contributed to the growth of the market.
Mortgage Rates:
Mortgage rates experienced slight fluctuations during this period. While interest rates remained relatively low, it’s important for prospective homebuyers and condo buyers to stay informed about the current rates and consult with mortgage professionals to secure the most favorable financing options.
Market Outlook:
Looking ahead, experts predict continued stability in the Ottawa residential and condo real estate market. Factors such as a strong job market, steady population growth, and ongoing infrastructure development contribute to the positive outlook for both property types. However, it’s essential to note that local and global economic factors can influence market conditions, and it’s advisable to stay informed and consult with real estate professionals for personalized advice.
Please remember that the statistics and trends mentioned in this newsletter are based on historical data, and individual property values and market conditions can vary. For personalized market insights or specific inquiries about buying, selling, or investing in residential properties or condos in Ottawa, we recommend reaching out to The New Door Real Estate Team, a team of licensed and experienced real estate professionals.
