Hello and Welcome to our Ottawa Real Estate Market Stats Update!
In this edition of the October 2023 update/newsletter, we will go over the trends that happened within the Ottawa Real Estate Market.
The Quiet Market
As the autumn leaves begin to fall, it’s time to dive into the latest statistics for the Ottawa real estate market in October 2023. Whether you’re a potential buyer, seller, or investor, understanding the current trends is crucial for making informed decisions. Let’s explore the key metrics for the month, including the number of newly listed properties, sold properties, average prices, and days on the market.
The month of October has seen a deliberate unveiling of new listings, contributing to the serene ambiance of the market. With approximately 1,895 (an increase of 6.6%) new properties entering the scene, sellers are taking a thoughtful approach, presenting their homes to potential buyers with a sense of assurance. This intentional pace aligns with the city’s reputation for measured decision-making, creating a market that is balanced and unhurried.
While the market is tranquil, there is a steady flow of properties finding new owners. Approximately 427 (1.7% growth) residential properties and 124 (growth of 9.7%) condo properties changed hands in October, demonstrating the ongoing demand within Ottawa. The measured rhythm of sold properties reflects a thoughtful exchange, with buyers and sellers engaging in transactions that align with their objectives. This steady flow is a testament to the city’s resilient market, where decisions are made with careful consideration of value and need.
With a balanced market, the average prices for both residential and condos have seen its changes. Residential properties showed an increase of 4.8% to $810,319 against $771,423 in October 2022. On the other hand, condos saw a decrease of 1.4% from $472,085 (Oct 2022) to $465,568 (Oct 2023)
In the quietude of October, the average days on the market (DOM) maintains a thoughtful tempo of 22 days (residential) and 29 days (condominiums). This metric reflects a pace that allows for careful consideration and decision-making. Homes are presented to the market with confidence, and buyers have the luxury of time to explore their options. The balanced DOM is a hallmark of a market where each transaction is approached with a sense of purpose, resulting in a serene yet purposeful real estate landscape.
As October unfolds, the Ottawa real estate market stands as a testament to balance and tranquility. In this market, decisions are made deliberately, and opportunities are explored with a quiet confidence. As we continue through the autumn season, Ottawa’s real estate market beckons with a sense of equilibrium—an environment where both buyers and sellers can find their place in the rhythm of home transactions.