June 2024 Ottawa Real Estate Market Update

Jul 4

As we move into the summer months, it's a good time to look at how the Ottawa real estate market has performed so far in 2024. The market continues to show signs of resilience and growth, with varying trends across different property types. Let's delve into the statistics and insights, credited to Charlene Weber, REALTOR® with RE/MAX Hallmark and New Purveyors.

Year-to-date Residential Sales

Total Residential Sales: 7,109 (up 4.2%)
Average Sales Price: $681,345 (up 1.6%)
Months of Inventory: 2.4 compared to 1.9 last year

The increase in total residential sales and average sales price reflects a healthy demand in the market. However, with months of inventory at 2.4, the market still faces low inventory levels. This means there are fewer homes available for sale relative to the demand, which can vary depending on the location and style of homes.

Year-to-date Single Family Sales

Total Sales: 3,722 (up 7.2% from last year)
Average Sales Price: $830,531 (up 0.6% from last year)
Months of Inventory: 2.6 compared to 2.1 last year

Single-family homes have seen an increase in sales volume, up by 7.2% compared to last year. The average sales price has seen a modest increase, indicating a steady market. The months of inventory remain stable at 2.6, suggesting a somewhat balanced market with consistent demand.

Year-to-date Townhome Sales

Total Sales: 2,296 (up 3.5% from last year)
Average Sales Price: $551,437 (no change from last year)
Months of Inventory: 1.7 compared to 1.3 last year

Townhomes continue to be a popular choice among buyers, with sales up by 3.5% over last year. Despite the steady average sales price, the months of inventory have decreased from 2.2 at the beginning of the year to 1.7, indicating a strong demand. The inventory level remains unchanged from last month, showing a sustained interest in this property type.

Year-to-date Condo Sales

Total Sales: 1,066 (down 2.6% from last year)
Average Sales Price: $450,450 (up 3.1% from last year)
Months of Inventory: 2.9 compared to 2.2 last year

Interestingly, condo sales have seen a decline of 2.6% compared to last year, marking the first time this year that condo sales activity has dropped. The average sales price for condos has increased by 3.1%, though there is a slight softening from last month's 4.3%. The months of inventory for condos have slightly increased to 2.9, suggesting a slower turnover compared to other property types.

The Ottawa real estate market in 2024 shows diverse trends across different property types. While single-family homes and townhomes continue to see robust sales and stable prices, the condo market has experienced a slight dip in sales activity. Low inventory remains a common theme, indicating a competitive market for buyers.

For more detailed insights and personalized advice, reach out to Charlene Weber, REALTOR® with RE/MAX Hallmark and New Purveyors.