Ottawa Real Estate Market Update: January 2024

Feb 6

We talked to Charlene Weber about the latest developments in the real estate market, and January is already proving to be a busy month for the industry. With promising developments in interest rates and renewed interest from buyers, it seems like the perfect time to delve into the latest updates

Firstly, let's highlight the positive momentum with a notable increase in total sales compared to January 2023. January recorded a total of 629 sales, marking a significant 16.5% rise from the previous year. Although below the 5 and 10-year average for the month of January, this surge in activity indicates a promising start to 2024, setting a positive tone for the months ahead.

Now, let's dissect the numbers to gain a deeper understanding of the current market trends.

Residential Market:

The year-to-date average sales price for residential properties stands at $631,722, reflecting a steady 1.8% increase from January 2023. What's more encouraging is the decline in months of inventory, dropping to 3.1 compared to 3.5 in January 2023. This decrease suggests a faster sales pace, indicating a favourable environment for sellers.

Single Family Homes:

Single-family homes continue to show resilience in the market, with the year-to-date average sales price reaching $770,869, up by 2.1%. The months of inventory for this segment stand at 3.6, a notable improvement from 4.0 in January 2023. This indicates a growing demand for single-family homes.

Townhome/Row Unit Segment:

The townhome/row unit segment also demonstrates a positive trend, with the average sales price reaching $541,976, marking a modest 0.7% increase. The months of inventory stand at 2.2, showcasing a slight decrease from 2.3 in January 2023. This segment continues to attract buyers, offering a diverse range of options in the market.

Condo Apartments:

In the condo apartment segment, the average sales price is $414,679, up by 0.6% year-to-date. The months of inventory have reduced to 3.6 from 4.5 in January 2023, indicating a favourable shift in market dynamics. With more affordable pricing and improved inventory levels, condo apartments remain an attractive choice for buyers seeking urban living options, first-time home buyers looking to open the market or downsizers.

January's real estate market sets a promising tone for the year ahead, with encouraging signs of growth and activity across various segments. As interest rates remain favourable and buyers capitalize on lower prices, the market continues to heat up, with multiple offers starting to become a common occurrence on properly priced properties.

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.