July 2024 Market Summary
Sales volume fell month-over-month through July, outpacing year-over-year figures and trailing the 5-year average for July.
Median prices were relatively stable month-over-month and year-over-year.
Total active listings increased slightly since last month, while summer inventory numbers remain higher than they have been since 2018.
There was less buyer traffic than usual in July, while the number of listings continued to rise, resulting in a moderate increase in the number of Months of Inventory available in the market.
Number of Home Sales
| Total last month | vs Previous Month | vs Same Month Last Year | vs 5-Year Average** |
Residential | 1,416 | -11.8% | +12.3% | -12.6% |
Freehold | 1,091 | -12.7% | +11.4% | -11.2% |
Condo | 356 | -8.7% | -15.2% | -17.1% |
* Residential sales include all residential properties; freehold includes detached singles, townhouses, and semi-detached homes; and condos include apartments, row units, and stacked-style dwellings.
** Based on the 5-year average for the month covered in this report.
Last month, Ottawa real estate board members sold 1,416 properties, an 11.8% decrease compared to July last year.
The graph below shows monthly sales volume data grouped by month since 2018.
Median Sale Prices
| Median Last Month | vs Previous Month | vs Same Month Last Year | vs 5-Year Average |
Residential | $627,000 | -1.3% | -0.2% | +15.9% |
Freehold | $681,000 | -1.3% | -0.1% | +13.6% |
Condo | $401,500 | -0.1% | EVEN | +10.8% |
The median sale price of a home in Ottawa fell slightly between June and July but remained 15.9% higher than the 5-year average. Prices have continued to fall since the underwhelming spring peak in April, but the traditionally more active fall market and a potential 3rd rate cut on September 4th may buck the trend.
The following graph shows monthly average sale price data since 2018.
Active Listings by Month
At the end of May, 4,517 homes were available for sale in Ottawa, a 46-unit increase from the previous month. This represents a 1% increase from last month and a 35% increase over July 2023. Inventory levels have climbed over the last two years, meaning buyers can choose from a wide variety of options. This underscores the need to differentiate your home from the competition when looking to sell.
The chart below shows the active listing data for the last five years.
Cumulative Days on Market (Median)
Cumulative days on the market ("CDOM") refers to the days a home is available for sale before it is sold firm. CDOM differs from "days on the market" (DOM) because it includes the period when a property is conditionally sold and/or the length of time that a property is available before being cancelled and re-listed.
Last month, a home took a median of 32 days to sell, seven days longer than last month's figure. Freeholds sold in 31 days, while condos sold slower, with a median of 35 days.
Median CDOM data since 2018 can be found in the table below.
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 May, Ottawa had 3.2 months of inventory, up from last month when we had roughly 2.8 months available.
MOI data for residential properties, freeholds, and condos can be found in the chart below.
The historical average price of a home in Ottawa since 1956 can be found in the chart below.
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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