Hello and Welcome to our Ottawa Real Estate Market Stats Update!
In this edition of the May 2024 update, we will go over the trends that happened within the Ottawa Real Estate Market.
As we move through 2024, the Ottawa Real Estate market continues to slow dynamic changes and trends. The lated date from the Ottawa Real Estate Board (OREB) offers comprehensive look into the current state of the market, highlighting key metrics and providing insighsts into what we can expect in the coming months.
Home Sales
May 2024 saw a total of 1,545 homes sold through the MLS® System of the OREB. This marks a 9.2% decrease from May 2023. Despite this dip, the year-to-date figures tell a more positive sotry, with 5,673 units sold in the first five months of 2024 – an increase of 5.2% from the same period last year.
While the monthly sales were 3.7% below the five-year average and 13.2% below the ten-year average, these numbers still reflect a steady market, especially considering the broader economic context.
Price Trends
The MLS® Home Price Index (HPI) is a crucial tool for tracking price trends. In May 2024, the overall MLS® HPI composite benchmark price was $651,300, reflecting a marginal gain of 1.2% from May 2023.
Breaking it down by property type:
- Single-Family Homes: Benchmark price of $736,000, up 1.1% year-over-year.
- Townhouse/Row Units: Benchmark price of $517,500, up 2.1% year-over-year.
- Apartments: Benchmark price of $425,000, up 2.0% year-over-year.
The average price of homes sold in May 2024 was $#690,683, an increase of 0.8% from May 2023. On a year-to-date basis, the average price was $679,862, marking a 1.8% rise from the first five month of 2023. These figures indicate that, despite fluctuations, the market is gradually appreciating.
Inventory and New Listings
One of the most notable changes in the market is the increase in inventory and new listings.:
- New Listings: May 2024 saw 3,034 new residential listings, a significant 26.2% increase from May 2023. This number is also 23.2% above the five-year average and 10.2% above the ten-year average for May.
- Active Listings: At the end of May 2024, there were 3,552 active residential listings, representing a 59.4% increase from May 2023. This surge put active listings 72.2% above the five-year average but 2.9% below the ten-year average for May.
- Months of Inventory: The months of inventory—a measure of how long it would take to sell current inventories at the current rate of sales—stood at 2.3 months at the end of May 2024, up from 1.3 months in May 2023.
The Ottawa real estate market in May 2024 shows a mix of steady activity and evolving trends. While sales have decreased slightly from last year, the year-to-date figures and price trends indicate a resilient market. The surge in new and active listings points to a more dynamic market environment, offering more options for buyers.
As always, it’s crucial for both buyers and sellers to stay informed and work with knowledgeable real estate professionals to navigate the market effectively. With interest rates and development policies influencing the market, staying updated on these trends will be key to making informed decisions.
Stay tuned for more updates as we continue to monitor the Ottawa real estate market throughout 2024!