Sandy Hill, a vibrant and historic neighborhood in Ottawa, presents a dynamic real estate market as of November 2023. This analysis delves into the latest market trends, property features, and broader insights from the Ottawa Real Estate Board (OREB).
Market Overview in Sandy Hill
In November 2023, Sandy Hill experienced modest sales activity with 3 properties sold, reflecting a total dollar volume of $1,183,000. The average and median prices stood at $394,333 and $390,000, respectively. The sales to new listings ratio was 17.6%, with a median of 24 days on the market and a sale to list price ratio of 97.4%. The year-to-date figures were more robust, with 89 sales amounting to a dollar volume of over $42 million. The average and median prices for this period were $478,914 and $436,000, respectively, with a healthier sales to new listings ratio of 38.0%.
The MLS® Home Price Index (HPI) Benchmark Price for Sandy Hill stood at $503,600 in November 2023, indicating a slight decrease from the previous month and a modest increase compared to the same period last year.
Property Types and Features
Sandy Hill boasts a diverse array of property types, including single-family homes, two-storey houses, and apartments. Common features across these types include above-ground bedrooms, full bathrooms, and varying exterior walls, freshwater supplies, and heating systems. For instance, single-family homes in this area typically offer spacious living areas, multiple bedrooms (above and below ground), and often include garages and fireplaces.
Broader Ottawa Real Estate Market Trends
The overall Ottawa real estate market saw a slight reduction in sales in November 2023, with 724 units sold, marking a 1.6% decrease from November 2022. This was significantly below the five-year and 10-year averages. However, the overall MLS® HPI composite benchmark price in Ottawa showed a modest gain of 1.4% from the previous year, reaching $628,900. The prices varied by property type, with single-family homes averaging $708,900, townhouses/row units at $492,300, and apartments at $424,300.
Inventory levels also saw changes, with new listings in Ottawa increasing by 2.7% from the previous November and active listings rising by 15.8%, reaching the highest level for November in over five years.
Sandy Hill's real estate market, with its historic charm and diverse property options, mirrors the broader trends of the Ottawa market, balancing steady prices with a growing supply. The neighborhood's mix of architectural styles and amenities continues to attract a wide range of buyers, making it a significant contributor to Ottawa's real estate landscape.
Would you like an illustration to accompany this article, perhaps depicting typical North American-style homes or small mid-rise apartment buildings?
No comments:
Post a Comment