Why the Market Update Looks Different This Month
Some of you may have noticed a slight change to the blog over the past couple of months. The Ottawa Real Estate Board is undergoing one of its most significant system overhauls in decades, affecting much of how we operate as Realtors. Unfortunately, this transition has disrupted our access to the longitudinal data used for market updates. While we’ve found a temporary workaround, the current system doesn’t support the interactive, scrollable graphs we previously provided, nor does it automatically scale on mobile. We’re working toward a more user-friendly solution and appreciate your patience in the meantime.
Number of Home Sales
Last month, the Ottawa real estate market recorded 612 property sales, a 5.3% increase compared to December of the previous year. This represents eight consecutive months of year-over-year sales growth, highlighting growing buyer confidence and setting the stage for an active spring market.
The graph below shows monthly sales volume data grouped by month since 2020.
SOLD PROPERTIES BY MONTH, % CHANGE FROM PRIOR YEAR (2020-2024)
Median Sale Prices
The median sale price of a home in Ottawa was $622,000 last month, reflecting a 2.6% increase over January 2024. Median sales prices have remained stable, floating between $600,000 and $650,000 since mid-2022, underscoring the resilient and (currently) balanced nature of Ottawa's real estate market.
The following graph shows the monthly average sale price data since 2020.
MEDIAN SALE PRICE BY MONTH, % CHANGE FROM PRIOR YEAR (2020-2024)
Active Listings by Month
At the end of January, 2,013 homes were available for sale in Ottawa, marking a 7.6% year-over-year increase. Inventory levels should rise as spring approaches.
The chart below shows the active listing data for the last five years.
ACTIVE LISTINGS, % CHANGE FROM PRIOR YEAR (2020-2024)
Cumulative Days on Market (Median)
Last month, homes in Ottawa took a median of 43 days to sell, equal to the amount of time it took to sell a home in January last year.
Median days on market data since 2020 can be found in the table below.
MEDIAN DAYS ON MARKET, % CHANGE FROM PRIOR YEAR (2020-2024)
Months of Inventory
The months of inventory measure ("MOI") is calculated by taking the number of homes available for sale and assessing how long it would take for those to sell if demand remained constant and no new inventory was added to the market. This measure is a core indicator that helps assess whether we are in a buyer's, seller's, or balanced market.
In December, Ottawa's Months of Inventory stood at 3.3 months, reflecting a 1.8% increase compared to January 2024.
MOI data for residential properties, freeholds, and condos can be found in the chart below.
MONTHS OF INVENTORY, % CHANGE FROM PRIOR YEAR (2020-2024)
The historical average price of a home in Ottawa since 1956 can be found in the chart below. Note that due to the changes to the back-end of our data systems, the annual average for last year will be delayed.
HISTORICAL AVERAGE HOME PRICES IN OTTAWA (1956-2024)
What This Means for You
It is critical to note that broad aggregate data is useful to establish trends, but significant variability exists at a community and housing-type level. If you are interested in getting a more refined estimate of the value of your home, or if you are interested in beginning your house hunt, we would love to help!
Give us a call at 613-614-2999 for your no-obligation consultation.
* Real estate market data is taken from the Ottawa Real Estate Board's Multiple Listing Service (MLS) and is believed to be accurate but is not warranted.
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