“November’s sales were expectedly low given the typical slowdown this time of year but they also reflect today's economic conditions," says OREB's 2022 President. “This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more. As a result, those who can, are waiting and watching.”
By the Numbers – Average Prices:
- The average sale price for a condominium-class property in November was $415,533, a decrease of 4% from 2021.
- The average sale price for a residential-class property was $680,031, decreasing 5% from a year ago.
- With year-to-date average sale prices at $774,422 for residential units and $454,436 for condominiums, these values represent an 8% increase over 2021 for both property classes.
By the Numbers – Inventory & New Listings:
- Months of Inventory for the residential-class properties has increased to 3.5 months from 0.9 months in 2021.
- Months of Inventory for condominium-class properties has increased to 3.4 months from 1.1 months in 2021.
- November’s new listings (1,598) were 12% higher than 2021 (1,429) and down 22% from October 2022 (2,046). The 5-year average for new listings in November is 1,398.
“With nearly four months of inventory and an average 30 days on market, Ottawa now has a balanced resale market, slightly tipping toward the buyers. Sellers are well-advised to work with a REALTOR® who has hyper-local knowledge about specific neighbourhoods, appropriate price points and ideal timing. Prices are adjusting but real estate is a long-term investment. It’s the same reason I tell buyers to marry the house and date the rate.”
Courtesy of the Ottawa Real Estate Board
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