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 March 2023 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 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 the month of March, Ottawa Real Estate Board members sold 1194 residential properties, compared to 2003 in March of 2022. This includes 893 freehold properties, down 40% from the previous year, and 301 condominium properties, down 42% from the previous year.
This is still a rise in transactions month over month and shows that the market is picking up for the spring.
The average price for freehold properties in March was $710,070, down 17% from March of 2022. However, this is a slight increase from February 2023, showing that the market is beginning to pick up again. Freehold prices have, since December of 2022, climbed around 8%!
Condominiums were selling for an average of $418,670, down 13% from this time last year, but up 2% over last month.
Year to date freehold sale prices are at $701,837 and $414,698 for condominiums.
The recent month-over-month climb in prices in 2023 has illustrated that the market is stabilizing along with interest rates.
Inventory is also increasing. Freehold properties have seen an increase from 0.6 months in March 2022 to 2.3 months in March 2023. Condominiums have sen an increase from 0.6 months to 2.8 months year over year.
Days on market in Ottawa for this month has also decreased - from 37 to 34 for freehold homes and from 43 to 39 for condominiums.
Ken Dekker explains that well priced homes are selling. Real estate agents must have recent statistics to ensure sellers are prepared to position themselves effectively within the market. Buyers can benefit from the same information to negotiate with sellers.
OREB members also assisted with renting 1599 properties this March, increasing 24% from the previous year.
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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