Ottawa Real Estate Update | May 2023 Edition
Last month in April 2023 members of the Ottawa Real Estate Board sold 1,488 residential properties a decrease of 20.7% compared to the height of the market in April 2022.
We had 2,144 new properties listed for sale in April leaving the total number of residential properties for sale at 2,760 an increase of 61.7% from the end of April 2022.
We currently have 1.9 Month Of Inventory on the market and a new listing sales rate of 69.4%. These indicate a slide back into sellers market condition in Ottawa.
It took an average of 42 days for properties of all types to sell in April, which is 30 days longer than April 2022 and 10 days fewer than March 2023.
Of these 1,488 sales, 1,156 were freehold houses (-17.9%), and 332 were condominiums (-29.1%).
The average sales price for a freehold house sold in April 2023, was $747,123 showing a decrease of 9.7% from April 2022. While condominium average prices showed a decrease of 8.1% from last year to $435,875.
Since December 2022 we've seen an increase of the average price of all properties sold in a month grow by 13.9% to $677,678.
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