In October 2023, the Ottawa Real Estate market saw a total of 816 homes sold through the MLS® System, showing a slight 2.7% dip from the same month last year. 📉 Home sales for the month were 36.4% below the five-year average and 30.8% below the 10-year average, painting a picture of a slow decline in sales activity.
Year-to-date figures reveal a substantial 12.3% decline in home sales, totalling 10,700 units over the first 10 months of 2023 compared to the same period in 2022. 💼
📊 By the Numbers – Prices:
MLS® Home Price Index (HPI) indicates a benchmark price of $638,600 in October 2023, up 1.8% from the previous year.
Average home price in October 2023 was $660,836, a 2.9% increase from October 2022.
The overall HPI composite benchmark price remained nearly unchanged at $638,600, showing a modest 1.8% increase from October 2022.
🏠 Inventory & New Listings:
New residential listings increased by 6.6% from October 2022, with 1,895 new listings in October 2023.
Active residential listings surged to 3,062 units at the end of October, a notable 16.7% gain from October 2022.
Months of inventory slightly increased to 3.8 at the end of October 2023, up from 3.1 recorded in October 2022.
While prices are adjusting and sales are seeing a slow decline, the market remains dynamic. Buyers, take note - now is your prime time! Contact us today! 🏠💼