Casselman Real Estate Market Update November 2023

 Based on the information from the Ottawa Real Estate Board's market update for November 2023, here are some key statistics and insights that can be used to write a blog article about the Casselman real estate market:

1. Home Sales Trends: In November 2023, the Ottawa area, including Casselman, saw a total of 724 homes sold through the MLS® System, marking a slight decrease of 1.6% from November 2022. This level of sales was significantly below the five-year and ten-year averages for November, with decreases of 31.8% and 27.4%, respectively.

2. Year-to-Date Sales: When looking at the year-to-date figures, there were 11,421 home sales after the first 11 months of 2023. This represented a substantial decrease of 11.7% compared to the same period in 2022.

3. Price Trends:

   • The MLS® Home Price Index (HPI) composite benchmark price was $628,900 in November 2023, a modest increase of 1.4% from November 2022.
   • The benchmark price for single-family homes was $708,900, up 1.6% year-over-year.
   • Townhouses and row units had a benchmark price of $492,300, nearly unchanged with a 0.8% increase.
   • The benchmark price for apartments was $424,300, up 1.2% from the previous year.
   • The average sale price for homes in November 2023 was $633,138, a slight decrease of 0.8% from November 2022. The year-to-date average price was $669,536, down 5.7% from the same period in 2022.

4. Inventory and Listings:

   • New listings in November 2023 increased slightly by 2.7% compared to November 2022, with 1,428 new residential listings.
   • Active residential listings numbered 2,752 units at the end of November, a significant increase of 15.8% from the end of November 2022. This was the highest level for November in over five years.
   • Active listings were 53.9% above the five-year average but 6.7% below the 10-year average for November.
   • The months of inventory stood at 3.8 at the end of November 2023, up from 3.2 months at the end of November 2022.

These statistics indicate a market that is adjusting, with a slight decrease in sales and prices, an increase in inventory, and a stable yet cautious price trend. The Casselman real estate market, reflecting the broader Ottawa area trends, presents a more balanced environment for both buyers and sellers, offering more options and a slower pace for transactions. This could be an opportune time for potential buyers looking for properties in Casselman to enter the market, as there is more inventory and less competition compared to previous years. For sellers, it's important to have realistic expectations about the speed and volume of offers, with a focus on careful pricing and presentation of their properties.