February-March 2024
February 2024 Ottawa Real Estate Market Update
Summary:
A) 15.2% more homes sold in February 2024 versus February 2023
B) However, The sales were still lower, historically, by 13.8% when 5 years are considered.
C) The average price of homes sold in February 2024 was $651,340, representing a 2% increase from the previous year.
D) In terms of inventory, active residential listings numbered 2,158 units on the market at the end of February 2024, a gain of 16.3% from February 2023. So more homes for listed this February than sabe time last year.
E) 1515 listings sold in February and 2809 homes were listed in February. That's approximately only 58% homes sold in comparison to listed. It's key to price and list homes right.
F) 2.7 months of inventory, currently in Ottawa, which means we are still in the sellers market. It's said that when the inventory reaches 6 months, the market shifts into buyers market.
Strong Start to the Year for Ottawa Real Estate Market - February 2024 Sales Data
As a real estate agent in Ottawa, I am pleased to report a robust beginning to the year in terms of market activity. In February 2024, the Ottawa Real Estate Board (OREB) recorded a total of 886 homes sold through the MLS® System, marking a significant 15.2% increase compared to the same period in 2023. 15% of more homes sold by the real estate brokerage community.
Despite the increase in home sales, it's important to note that February's sales were 13.8% below the five-year average and 5.7% below the 10-year average. However, this doesn't overshadow the fact that Ottawa's real estate market remains strong and active, as highlighted by OREB President.
The President emphasizes that despite higher prices and stable interest rates, both buyers and sellers are actively participating in the market. However, he acknowledges the challenge of affordability, which has forced many potential buyers to remain on the sidelines.
Recent reports from the Municipal Property Assessment Corporation (MPAC) reveal a concerning trend where communities offering homes under $500,000 are becoming increasingly scarce. This scarcity underscores the urgent need for measures to address affordability issues and increase housing supply.
As real estate professionals, we recognize the persistent demand for housing in Ottawa. To address this, we advocate for impactful measures such as allowing for the construction of four residential units on property lots and eliminating exclusionary zoning. These steps are crucial to bridging the gap and providing affordable housing options for all.
Recommendations for Sellers:
Price Strategically: Given the steady increase in home prices, sellers should work with their agents to set a competitive yet realistic price for their properties.
Enhance Curb Appeal: First impressions matter. Sellers should invest in minor renovations or landscaping to make their homes more attractive to potential buyers.
Be Flexible: In a competitive market, flexibility is key. Sellers should be open to negotiation and consider offers that may not meet their initial expectations.
Recommendations for Buyers:
Get Pre-Approved: Secure financing early to demonstrate seriousness to sellers and streamline the buying process.
Act Quickly: With limited affordable inventory, decisive action is crucial. Buyers should be prepared to make swift decisions when they find a suitable property.
Work with a Realtor®: A real estate agent can provide valuable insights and guidance throughout the buying process, helping buyers navigate the competitive market and find the right home.
In terms of pricing trends, the MLS® Home Price Index (HPI) indicates a 2.8% increase in the overall benchmark price from February 2023, with single-family homes experiencing a 3.1% gain. Townhouse/row unit prices saw a slight increase of 0.6%, while apartment prices rose by 2.7%.
Additionally, the average price of homes sold in February 2024 was $651,340, representing a 2% increase from the previous year. The total dollar volume of home sales also saw a notable increase of 17.5% compared to February 2023.
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