The Ottawa Real Estate Board reports 1,101 residential and condominium properties sold in September 2023 compared to 1,076 in September 2022, representing approximately a 2.3% decrease in homes sold. Year to date (as of October 1, 2023) residential unit sales decreased by 11.1% compared to 2022, and condominium unit sales year to date decreased 16.1% compared with sales in 2022 for the same time period.
The average sale price for residential properties sold in September 2023 was $725,169 compared to $706,920 in September 2022. The average sale price for condominium properties sold in September 2023 was $435,826 compared to $450,987 in September 2022. Ottawa September 2023 average prices for residential properties increased approximately 2.6% and condominiums decreased approximately 3.4% when compared to September 2022.
(Source: September 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, October 1, 2023 – Report#1).
For Kanata, unit sales in September 2023 (residential and condominium) were 97 compared to 94 sales in September 2022 (approximately a 3.2% increase). For greater Stittsville, unit sales in September 2023 (residential and condominium) were 46 units compared to 53 units in September 2022 (approximately a 13.2% decrease).
In Kanata, the average sale price in September 2023 versus September 2022 increased 3.2% for all housing types. For greater Stittsville, the average sale price September 2023 versus September 2022, decreased 3.3%, for all housing types. (Source: September 2023 – Sales by District & Area, Residential and Condominium Property Classes, OREB MLS®, October 1, 2023 – Report#3).
September residential inventory in Ottawa – 2124 residential homes and 509 condos were listed for sale in the month of September. At the end of September, there were 3052 active homes for sale, about a 12.1% increase from the end of August 2023. For condominiums, there were 730 active at the end of September, about a 11.8% increase from the end of August 2023. See the graph.
The average cumulative days on market for residential properties in September 2023 was 44 days, a 5.1% increase from September 2022. The average cumulative days on market for condos in September 2023 was 48 days, representing a 31.5% increase from September 2022. In September 2023, Ottawa’s inventory of residential homes and condominiums homes was 3.2 months, an increase from 2.8 months in September 2022 (this represents active listings at months end / monthly sales). To keep this in perspective, Ottawa’s inventory of homes was 1.2 months in September 2021, 0.8 months in September 2020, 2.6 months in September 2018 and 4.6 months in 2016.
With the increase in inventory the last few months, we have moved into more of a balance market for purchasers and sellers. We have returned to a more traditional market where market value plays a big role in attracting purchasers and marketing homes. Purchasers are taking more time to look at homes and review their budgets. Selling and buying a home at the same time has become more the norm. Those looking to make a change before the end of the year are actively looking at homes, open houses have once again become quite popular. For those thinking of selling in the new year, now is a great time to prepare your home before Winter, especially the outside, and think about getting a home evaluation to assist with budgeting.
Source: 2023 – Ottawa Real Estate Board Inventory by Month – Residential and Condo, Tuesday, October 1, 2023 – Report#7) & CREA MLS Residential Market Activity for Ottawa, September 2023.