Last month the Ottawa Real Estate Board sold 2,020 residential properties an increase of 8.5% over June 2022. 1,228 (+3.2%) were Single Family Homes, 508 (+17.3%) were Townhouses, and 266 (+22.6%) were Apartments.
We had 3,278 new properties listed for sale in June leaving the total number of residential properties for sale at 3,898 an increase of 14.4% from the end of June 2022. We currently have 1.9 Months of Inventory on the market.
The Median days for properties of all types to sell in June was 15, an increase of 5 days compared to June 2022, and 1 day longer than the previous month May 2023.
The average sales price for a Single Family Home was $711,711 down 1.5% from June 2022 while Townhouses sold for an average of $550,441 (-1.7%) and Apartments sold for an average of $450,872 (+ 5.1%).
The MLS® Home Price Index for all residential properties in Ottawa for June 2023 was $633,012, -2.0% from June 2022.
The First half of 2023 in Review
In Q1 & Q2 of 2023, there were 9,310 sales recorded by the Ottawa Real Estate Board, a decrease of 19.3% in the number of homes & condos sold vs the first half of 2022
The median days for all properties to sell was 17 an increase of 7 days from Q1 & Q2 of 2022.
Of these 9,310 sales, 5,667 (-19.0%) were Single Family Homes, 2,352 (-18.6%) were Townhouses, and 1,181(-21.8%) were Apartments.
The average sales price for a Single Family Home was $701,639 down 8.8% while Townhouses sold for an average of $543,049 (-11.0%) and Apartments sold for an average of $427,037 (-4.8%).
So far in 2023 we've had 14,884 properties listed for sale, a decline of 14.3% from 2022. With an average of 3,242 homes for sale per month, we sit at the end of June 2023 at 2.1 months of inventory, 1 month higher than June 2022.
See https://www.thetulipteam.com/stats/ to stay up to date on the Ottawa real estate market and see the 10 & 64-year history of house prices, condo prices, home & condo sales, and inventory of homes for sale in Ottawa.
***How the Ottawa Real Estate Board produces its monthly activities reports has been fundamentally changed to bring it in-line with the Canadian Real Estate Association's HPI Index. As such we now show statistics for Single Family Homes, Town-Homes, and Apartment style dwellings without breaking them apart into freehold or condo ownership.
