Ottawa Real Estate Market Update: December 2023

Jan 8

As we step into the new year, let's reflect on the real estate performance of Ottawa in December 2023. The market has shown resilience and a promising trajectory. Here's a detailed breakdown to give you insights into what transpired last month, courtesy of Charlene Weber.

Key Highlights:

Total Sales in December: The month of December witnessed a total of 565 sales, marking a significant increase of 7.6% from December 2022.
Year-to-Date Sales Volume: Despite the monthly rise, the year-to-date total sales volume stands at 11,978, indicating a decline of 11% from 2022.

Residential Market Insights:

Average Sales Price: The average sales price for residential properties throughout the year stood at $667,794, reflecting an 11% decrease from the previous year.
Months of Inventory: The months of inventory, indicating how long it would take for all current listings on the market to sell, was 2.4, a slight increase from the year-to-date (YTD) figure of 1.7.

Property Type Breakdown:

Single Family Homes:
- Average Sales Price: $818,345
- Year-to-Date Change: Down by 5.5%
- Months of Inventory: 2.7, up from 1.8 YTD
Townhome/Row Units:
- Average Sales Price: $544,981
- Year-to-Date Change: Down by 7.6%
- Months of Inventory: 1.8, compared to 1.3 YTD
Condo Apartments:
- Average Sales Price: $440,821
- Year-to-Date Change: Down by 2.6%
- Months of Inventory: 2.6, a rise from 1.8 YTD

Market Outlook for 2024:

The Ottawa real estate market is showing signs of stability as we move forward into 2024. Both buyers and sellers are gaining confidence, especially with the anticipated decline in interest rates throughout 2024 and 2025.

Interestingly, while condo apartments saw the smallest decrease in average sales price, they are still seeing longer days on the market for these properties compared to townhome/row units which have taken a larger "hit" in the average sales price but are selling faster than condo apartments and single-family homes.

As we navigate the dynamic Ottawa real estate landscape, it's essential to stay informed and make decisions based on comprehensive data and insights. The current market conditions suggest a balanced landscape with opportunities for both buyers and sellers. Stay tuned for more updates and insights as we progress through 2024.

For personalized advice or assistance with your real estate needs in Ottawa, feel free to reach out to our dedicated team. We're here to help you make informed decisions every step of the way.