November 2023 Real Estate Market Update for Ottawa

The Ottawa Real Estate Market in November 2023 presented a landscape of stability, albeit with notable shifts when compared to previous years. Here's an analysis based on the latest data:

Sales and Market Activity

• Total Sales: 724 homes were sold through the MLS® System of the Ottawa Real Estate Board in November 2023, a slight decrease of 1.6% compared to November 2022​​.
• Year-to-Date Sales: There was a significant 11.7% decline in home sales compared to the same period in 2022, with a total of 11,421 units sold after 11 months​.
• Dollar Volume: The total dollar value of all home sales in November was approximately $458.4 million, a decrease of 2.4% from the same month in 2022​​.

Prices

• MLS® HPI Composite Benchmark Price: Stood at $628,900 in November 2023, marking a modest year-over-year gain of 1.4%.
• Average Price: The average sale price was $633,138, which decreased by 0.8% from November 2022​​.
• Median Price: The median price of homes sold in November 2023 was $581,750​.

Inventory and Listings

• New Listings: Saw a minor increase of 2.7% from November 2022, with 1,428 new residential listings​​.
• Active Listings: Numbered 2,752 units at the end of November 2023, a significant increase of 15.8% from the end of November 2022​.
• Months of Inventory: This figure stood at 3.8 at the end of November 2023, up from 3.2 months at the end of November 2022 and above the long-run average of 3.3 months​.

Market Dynamics

• The market is adjusting with the arrival of colder months. There's a notable uptick in new and active listings, which brings more choice for buyers.
• The pace of buying and selling has slowed, but opportunities for careful market exploration and negotiation remain prevalent for buyers and sellers.
• Sellers need to manage their expectations regarding the quantity of offers and the speed of transactions, while buyers have more options to choose from.

In summary, the Ottawa Real Estate Market in November 2023 exhibited signs of stability with a slight decline in sales and average prices, an increase in active listings, and a more balanced months of inventory. This suggests a market that is adjusting to new economic conditions and buyer-seller dynamics. The data indicates a shift towards a more buyer-friendly market, providing opportunities for negotiation and careful selection. However, the market remains active, and both buyers and sellers should remain informed and strategic in their real estate decisions.