The real estate market in Rockland has been undergoing significant changes, reflecting broader trends in the Ottawa area. This article explores these trends, focusing on sales activity, pricing, and market dynamics.
Recent Sales Trends
As of November 2023, the Ottawa area, encompassing Rockland, has experienced a slight decrease in home sales compared to the previous year, with a reduction of 1.6% from November 2022. However, this decline is part of a larger context where sales are 31.8% below the five-year average and 27.4% below the 10-year average for November.
Year-to-date home sales also saw a significant decline, dropping by 11.7% compared to the same period in 2022. Ken Dekker, President of the Ottawa Real Estate Board, attributes this to the usual slowdown during colder months and notes the increase in new and active listings, offering more choices in the market.
Pricing Dynamics
The pricing trends in Rockland mirror those in the broader Ottawa area. The MLS® Home Price Index (HPI), a more accurate indicator of price trends than average or median price measures, showed a modest gain of 1.4% in November 2023 compared to the previous year. The benchmark prices for different types of homes vary, with single-family homes at $708,900 (up 1.6% year-over-year), townhouses/row units at $492,300 (up 0.8%), and apartments at $424,300 (up 1.2%).
Interestingly, the average price of homes sold in November 2023 was $633,138, marking a 0.8% decrease from November 2022. This discrepancy between the HPI and average sale price highlights the variability in housing prices across different neighborhoods and property types.
Inventory and New Listings
One of the most significant changes in the Rockland real estate market is the increase in inventory and new listings. November 2023 saw a 2.7% increase in new listings compared to the previous year, with 1,428 new residential listings. Active residential listings numbered 2,752 units at the end of November, a considerable gain of 15.8% from the end of November 2022. This increase in inventory is notable, as it hasn't been this high in more than five years.
The months of inventory, which indicates the number of months it would take to sell current inventories at the current rate of sales activity, stood at 3.8 at the end of November 2023, up from 3.2 months in November 2022.
Conclusion
The Rockland real estate market is reflecting the broader trends seen in Ottawa, with a slight decrease in sales but a healthy increase in inventory, offering more choices for buyers. Prices are holding steady with modest increases in most housing types. Potential buyers and sellers in Rockland should carefully monitor these trends and work with real estate professionals to navigate the market effectively.
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