Hello and Welcome to our Ottawa Real Estate Market Stats Update!
In this edition of the June 2024 update, we will go over the trends that happened within the Ottawa Real Estate Market.
The Ottawa real estate market saw a slight uptick in home sales in June 2024, with a total of 1,439 units sold through the MLS® System of the Ottawa Real Estate Board (OREB). This represents a marginal increase of 0.1% compared to June 2023. However, despite this small gain, home sales were 7.5% below the five-year average and 13.2% below the 10-year average for the month of June.
Year-To-Date
The Ottawa real estate market saw a slight uptick in home sales in June 2024, with a total of 1,439 units sold through the MLS® System of the Ottawa Real Estate Board (OREB). This represents a marginal increase of 0.1% compared to June 2023. However, despite this small gain, home sales were 7.5% below the five-year average and 13.2% below the 10-year average for the month of June.
Prices: by the Numbers
The MLS® Home Price Index (HPI) provides a more accurate reflection of price trends than average or median price measures. Here’s how the numbers stack up for June 2024:
- Overall MLS® HPI composite benchmark price: $647,700 (down 0.5% from June 2023)
- Single-family homes: $734,300 (down 0.2% year-over-year)
- Townhouse/row units: $501,500 (down 1.6% year-over-year)
- Apartments: $420,800 (down 1.7% year-over-year)
The average price of homes sold in June 2024 was $686,535, a 0.5% increase from June 2023. On a year-to-date basis, the average price was $681,345, reflecting a 1.6% increase from the first six months of 2023. The total dollar volume of all home sales in June 2024 reached $987.9 million, up 0.7% from the previous year.
OREB emphasizes that while the average sale price can be useful for identifying long-term trends, it should not be used to infer changes in the value of specific properties, as prices can vary significantly between different neighborhoods.
Inventory and New Listings
June 2024 saw an increase in new listings, with 2,469 new residential listings—a 4.7% rise from June 2023. Despite this increase, new listings were still 0.8% below the five-year average and 1% below the 10-year average for the month.
Active residential listings at the end of June 2024 totaled 3,585 units, a significant gain of 45.5% from June 2023. This number was also 57.8% above the five-year average, though slightly below (1.9%) the 10-year average for the month.
The months of inventory, which indicates how long it would take to sell all current listings at the current rate of sales, stood at 2.5 months by the end of June 2024, up from 1.7 months in June 2023. This increase suggests a more balanced market, giving buyers more options compared to the previous year.
The Ottawa real estate market in June 2024 showed resilience with a slight increase in sales and steady price trends, despite being below long-term averages. The rise in new and active listings points to a more balanced market, offering opportunities for both buyers and sellers. As always, understanding the nuances of the local market and working with a knowledgeable real estate professional is key to making informed decisions.