Written by: Marcus Noel

Sales Representative / Investor

Can you believe it’s already February? I hope everyone had a great start to their new year! Looking back at the month of January, in comparison to December’s figures, the sale price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December, but condo pricing tends to fluctuate more due to the small data set.

Throughout January, members of the Ottawa Real Estate Board (OREB) sold 606 residential properties through the Board's MLS System, marking a 35% decrease over January 2022. Despite the decline, 460 freehold properties were sold, as well as 146 condos. Freehold property sales saw a 30% decrease in units sold compared to January 2022, whereas the condominium market faced an even sharper decline of 47%. According to OREB President Ken Dekker, the slowdown in unit sales observed in January simply shows that potential home buyers are carefully considering their options and taking their time to find a home that best aligns with their preferences and long-term goals. For sellers, this means that it is important to partner with a knowledgeable real estate agent who is familiar with your neighborhood so that they can help you determine the optimal pricing for your property. This helps to enhance the presentation of your listing, making it more attractive to potential buyers, ultimately leading to a quicker sale and reduced days on the market.

January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699)… meaning more options for BUYERS! The 5-year average for new listings in January is 1:233.

The average sale price for freehold properties was $676,272, representing a decrease of 12% over the previous year. Meanwhile, the average sale price of condos was $412,244, an overall decrease of 8%. Months of inventory for freehold and condominium properties is currently sitting at 3.8 months, which represents a substantial increase over January 2022 when there were 0.9 months of freehold inventory and 0.8 months of condo inventory. At 3.8 months, Ottawa’s real estate market continues to be balanced!

As always, if you, your family, or your friends are thinking of making a real estate move or you have any questions regarding the current real estate market, we would love the opportunity to help!

Thank you for reading!

Marcus Noel