Hello and Welcome to our Ottawa Real Estate Market Stats Update!
In this edition of the September 2024 update, we will go over the trends that happened within the Ottawa Real Estate Market.
The Ottawa real estate market saw an increase in home sales in September 2024; 1,047 units were sold via the MLS® System of the Ottawa Real Estate Board (OREB), which is an 11.4% increase. In terms of long-term home sale trends, home sales were 17.4% and 15.4% below the five- and ten-year averages for the month of September.
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 September 2024:
- Overall MLS® HPI composite benchmark price: $642,800 (increase of 0.2% from September 2023)
- Single-family homes: $729,000 (up 0.5% year-over-year)
- Townhouse/row units: $500,000 (down 1.7% year-over-year)
- Apartments: $414,200 (down 1.3% year-over-year)
The average price of homes sold in September 2024 was $685,551 increasing 1.4% from September 2023. The more comprehensive year-to-date average price was $679,082, increasing by 0.9% from September 2023. The dollar volume of all home sales in September 2024 was $717.7 million, up 12.9% from September 2023.
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 neighbourhoods.
Inventory and New Listings
The number of new listings saw an increase of 3.9% from September 2023. There were 2,343 new residential listings in September 2024. New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September.
Active residential listings numbered 3,529 units on the market at the end of September 2024, a gain of 16.9% from September 2023. Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September.
Months of inventory, which indicates how long it would take to sell all current listings at the current rate of sales, numbered 3.4 at the end of September 2024, up from 3.2 in September 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
In summary, the Ottawa real estate market saw a rise in home sales in September 2024, although long-term trends indicate sales were still below average. Home prices remained relatively stable, with slight increases for single-family homes and minor declines for townhouses and apartments. Inventory levels increased, with more new and active listings compared to the previous year. Given these market dynamics, working with a real estate professional is crucial to making informed decisions and navigating the complexities of the market effectively.