Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for June 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.
In June 2024, the Ottawa Real Estate Board (OREB) recorded 1,439 home sales through its MLS® System. This marks a slight 0.1% increase compared to June 2023.
Despite this increase, home sales in June were 7.5% below the five-year average and 13.2% below the 10-year average.
For the first half of the year, a total of 7,109 homes were sold, reflecting a 4.2% increase from the same period in 2023.
"As we enter the summer market, Ottawa is experiencing consistent activity," commented OREB President Curtis Fillier. "Unlike the past few years, buyers now have the luxury to wait, assess, and choose carefully, resulting in a minor rise in the days homes stay on the market. The inventory and listings indicate that sellers are active. After overcoming last year's slowdown, Ottawa's market performance is nearing normal levels and showing continuous improvement.
“This summer and the latter half of the year promise to be intriguing. With growing confidence, opportunities will be plentiful for both buyers and sellers. Sellers should ensure their properties are well-presented and correctly priced to attract cautious buyers. Buyers should stay alert, as inventory levels and competition can change rapidly in Ottawa's competitive market."
Price Trends
The MLS® Home Price Index (HPI) provides a more precise tracking of price trends compared to average or median price measures.
The overall MLS® HPI composite benchmark price in June 2024 was $647,700, down 0.5% from June 2023.
The benchmark price for single-family homes was $734,300, a 0.2% decrease from June 2023.
The townhouse/row unit benchmark price was $501,500, a 1.6% decrease from a year ago.
The benchmark price for apartments was $420,800, down 1.7% from June 2023.
The average home price in June 2024 was $686,535, up 0.5% from June 2023. The year-to-date average price was $681,345, marking a 1.6% increase from the first half of 2023.
The total dollar volume of home sales in June 2024 reached $987.9 million, a 0.7% increase from June 2023.
OREB notes that while average sale prices can indicate trends over time, they should not be used to infer changes in specific property values. These prices are calculated from the total dollar volume of all sales, and prices can vary significantly across different neighbourhoods.
Inventory and New Listings
June 2024 saw 2,469 new residential listings, a 4.7% increase from June 2023. These new listings were 0.8% below the five-year average and 1% below the 10-year average.
There were 3,585 active residential listings at the end of June 2024, a 45.5% increase from June 2023. Active listings were 57.8% above the five-year average and 1.9% below the 10-year average.
The months of inventory stood at 2.5 at the end of June 2024, up from 1.7 in June 2023. This indicates the number of months required to sell current inventories at the current sales rate.
Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.
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