In November 2023, the Ottawa Real Estate Board reported 724 homes sold via the MLS® System, showing a slight dip of 1.6% from the same period in 2022. This trend continued with home sales 31.8% under the five-year average and 27.4% below the 10-year average for November.
Throughout the year, a total of 11,421 homes were sold, marking an 11.7% decrease from the previous year's figures.
By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
The overall MLS® HPI composite benchmark price was $628,900 in November 2023, nearly unchanged, up only 1.4% from November 2022.
The benchmark price for single-family homes was $708,900, up 1.6% on a year-over-year.
By comparison, the benchmark price for a townhouse was $492,300, nearly unchanged, up 0.8% compared to a year earlier.
The benchmark apartment price was $424,300, up 1.2% from year-ago levels.
The average price of homes sold in November 2023 was $633,138, decreasing 0.8% from November 2022. The more comprehensive year-to-date average price was $669,536, a decline of 5.7% from 11 months of 2022.
The dollar value of all home sales in November 2023 was $458.4 million, down 2.4% from the same month in 2022.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
By the Numbers – Inventory & New Listings:
The number of new listings saw an increase of 2.7% from November 2022. There were 1,428 new residential listings in November 2023. New listings were 8.4% above the five-year average and 10.4% above the 10-year average for the month of November.
Active residential listings numbered 2,752 units on the market at the end of November, a gain of 15.8% from the end of November 2022.
Active listings were 53.9% above the five-year average and 6.7% below the 10-year average for the month of November.
Months of inventory numbered 3.8 at the end of November 2023, up from the 3.2 months recorded at the end of November 2022. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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