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  • Writer's pictureThomas Desjardins

May 2024 | Ottawa Real Estate Market Update



May 2024 Market Summary


  • Sales volume rose month-over-month through May, however, sales were slower than usual at this time of year

  • Median prices were relatively stable month-over-month, and year-over-year

  • Total active listings increased significantly last month providing more options for buyers. Available inventory is now the highest it has been since August 2018

  • There was less buyer traffic than usual in May, while listings continued to rise resulting in a modest 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

1,757

+5.8%

-9.5%

-11.3%

​Freehold

1,332

+4.1%

-9.7%

-12.4%

Condo

425

+11.3%

-12.4%

-7.6%

* 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, members of the Ottawa real estate board sold 1,757 properties, marking a 9.5% decrease compared to May of the previous year. This was a sluggish month compared to the 5-year average and also trailed the 10-year average for May when we usually sell closer to 2400 homes. This is possibly due to buyers holding off until the June rate announcement. Stay tuned for next month's report to find out if that was the case.


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

$638,000

-0.3%

+2.1%

+14.5%

Freehold

$690,000

-0.1%

+1.5%

+13.8%

Condo

$420,000

+2.5%

+2.9%

+14.3%

The median sale price of a home in Ottawa was more or less stable between April and May and remained higher than the 5-year average by 14.5%.


The following graph shows monthly average sale price data since 2018.



Active Listings by Month


At the end of May, 4,518 homes were available for sale in Ottawa, representing a 720-unit increase from the previous month. This represents a 19% increase over last month and a significant 53% increase over last May. Inventory levels are the highest we have seen since August of 2018 meaning there are plenty of options for buyers to choose from while underscoring the need to differentiate your home from the competition when looking to sell.


The chart below shows the active listing data for the last 5 years.



Cumulative Days on Market (Median)


Cumulative days on market ("CDOM") refers to the number of days a home is available for sale before it is sold firm. CDOM differs from "days on 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 20 days to sell, equal to last month's figure. Freeholds sold quicker at 19 days, while condos sold slower with a median of 21 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, there were 2.6 months of inventory in Ottawa, marginally up from last month when we had roughly 2.3 months available. There were 2.6 MOI for freehold properties, while condos came in at 2.4. We remain in a seller's market across the board for the moment.


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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