February 3rd, 2023 | Real Estate News

Ottawa Real Estate – January 2023

Although the average sale price and number of sales are down year over year from January 2022, the good news is that the average sale price of freehold properties is up by 3% from December 2022.

“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”

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“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”

“On a positive note, in comparison to December’s figures, January’s average 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.”

Residential average sale prices decreased by 12% to $676,272 compared to January 2022. Condominium average sale prices decreased by 8% to $412.244.

The average days on market in the residential class experienced a 121% increase to 43 days and a 81% increase to 47 days for condominiums.

460 residential properties were sold in January 2023, a decrease of 30% since last year. Condominiums sold reached 146 which is a 47% decrease.

It will be interesting to see what happens as the spring market approaches. We are seeing a marked increase in the number of showings. Though overall sales were down this January, some properties are still selling with multiple offers – an indication that more Buyers are now entering the market.

For more information on the local market, you can contact us directly at 613.829.7484 or email mail@chellteam.com today.