Ottawa Monthly Market Spotlight - October 2024In October 2024, the Ottawa Real Estate Board’s MLS® System reported 1,179 home sales, showing a solid uptick from the 1,047 transactions
Ottawa Market Spotlight - May
Dated: June 4 2022
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Welcome to the Ottawa Market Spotlight where we keep you updated on the real estate market it Ottawa. This month we are taking a closer look at May in numbers!
May is an interesting month considering the underperformance cooling the market's inclining prices over the last 3 years. First we take a look at the total homes recorded sold on the MLS®. During the month of May we saw 1,384 freehold homes sold along with 462 condo homes for a total of 1,846 homes sold altogether. This is a -19.2% decrease compared to the May of 2021 in terms of volume sold.
Next we take a look at the average prices of these homes sold in May. The freehold homes recorded an average of $802,393 wheras the average condo sold for $424,843. Both of which see an increase of 8.2% and 11.3% respectively.
The average day it took to sell on the market was 14 days and we currently have a total of 1.2 months of inventory.
The market has noticably slowed down this month as a pose to the many previous months before and this is due to various factors. One of the undoubtful factors leading to this is the hiking interest rates due to the increasing inflation that we can all see and even now feel. However, these sequence of events are not unknown to us as we have seen similar charts before. We encourage all buyers and even sellers to contact us to stay educated and informed as to the Ottawa Real Estate Market.
If you are currently on the market to buy a home for the first time, upgrade from your current home, downsize or even looking for an investment property; Now may be a great time for you and we're more than happy to help!
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Marwan Khalil
With a rich background in Ottawa spanning over 20 years, my passion for real estate has flourished within the vibrant tapestry of the city's diverse communities and industries. This extensive period o....
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