Hello and Welcome to our August 2023 Market Stats Update!
In this edition of the August 2023 update/newsletter, we will go over the trends that happened within the Ottawa Real Estate Market.
Increase in prices but overall steady
Welcome to our latest blog post on the Ottawa real estate market! As the capital city of Canada, Ottawa boasts a thriving housing market that has been closely watched by homebuyers, sellers, and investors alike. In this update, we’ll explore the recent trends and insights shaping the local real estate landscape, offering valuable information for anyone interested in the Ottawa housing market.
The increase in average prices for residential and condominium-class properties is catching the attention of both buyers and sellers. This July 2023, we saw an increase of 5% from July 2022 at $754, 188 for freehold properties. For condos, the average price in July 2023 was $435,094, which is an increase of 2%.
In terms of new listings, we noticed a decrease in them. There are 6% fewer new listings in July 2023 (2,234) in comparison to July 2022 (2,364).
However, when it comes to sold properties, we saw a rise in numbers. 979 residential homes were sold in July 2023, up by 18%. 284 condominium units were sold this July 2023, another increase of 6%. Overall, 1,263 properties were sold in July 2023 (per the MLS system).
Another growth was seen with days on the market. Freeholds were 26 days for July 2023 in contrast with July 2022 which is at 20 days. For condos, it was 28 days(July 2023) compared to 20 days(July 2022).
From these numbers, we can say that we are currently in a seller’s market. However, as sellers, we need to make sure we manage our expectations. Unfortunately, we can’t for sure say that their property is going to be sold right or that they expect multiple offers. In the end, the property’s price will be determined by how much the buyers are willing to spend on the property.
With this in mind, sellers can definitely increase their property value through great staging, proper marketing, and negotiating skills from a licensed realtor. That’s why we, The New Door Real Estate Team, are here to help you to achieve your home selling goals.
Buyers, definitely shouldn’t be discouraged by all of this. There are ways to definitely navigate this competitive market. First of all, having a pre-approved mortgage will help you see homes within your budget. Secondly, be mentally prepared to make these decisions, some of these houses can go fast, so some quick thinking is needed. Lastly, have a great real estate agent on your side willing to negotiate for you. Experienced real estate agents (like our agents, Bernie and Jacob), will make sure that you get your perfect home within your budget!