The real estate market in Russell, a town within the Ottawa area, shows unique characteristics when compared to the broader Ottawa real estate market. Analyzing the data from November 2023 and year-to-date statistics provides valuable insights into these differences.
In Ottawa, the total number of homes sold through the MLS® System in November 2023 was 724, a slight decrease of 1.6% from November 2022. This decline is part of a larger trend, as home sales were significantly below the five-year and ten-year averages for November. The year-to-date home sales also recorded a significant decline of 11.7% compared to the same period in 2022. According to OREB President Ken Dekker, this decrease is expected due to seasonal changes, with more listings bringing more choice to the market.
The MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $628,900 in November 2023, a modest gain of 1.4% from November 2022. It's important to note that average sale prices can be misleading as indicators of individual property value changes, as they are affected by the types and quantities of homes sold. In terms of inventory, there was a significant increase in active listings, with numbers not seen in over five years for the month of November.
Comparatively, in Russell, the number of sales in November 2023 was notably lower at just 5, with a total dollar volume of $2,824,000. Year-to-date figures show 91 sales, with a dollar volume of over $60 million. The benchmark prices for various property types in Russell showed a mix of modest increases and decreases when compared to previous months and years. The composite benchmark price was $727,300 in November 2023, showing a slight increase from the previous year.
These figures suggest that while the Ottawa real estate market is experiencing a general slowdown in sales with a modest increase in prices, the Russell market, though smaller in scale, is showing signs of stability with a mixed performance in property values. Both markets are adjusting to new dynamics, offering opportunities and challenges for buyers and sellers alike.
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