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April showers might bring May flowers but where are all the listings? The Ottawa real estate market is heading into an inventory problem. I'm Liza Wilson, trusted real estate advisor, and this is your April 2023, Ottawa real estate market update.
Ottawa Real Estate Board members sold 1488 properties in the month of April. Although that number is lower than this time last year, the “Ottawa’s resale market is on a steady upward trajectory,” said the Ottawa real estate board president himself in the monthly board report.
The average residential sale price is up 13.9% since December of 2022. Inventory continues to decline which means we are heading back into seller's market territory. Last month, I mentioned we are seeing multiple offers pop back up. As always, the interest level depends on the neighbourhood, the home and the inventory level around that home for sale. From my team’s experience, we have clients looking for particular properties and there are not many options.
The average residential sale price was $747 123 and that is a decrease of 10% from last year this time. The average condominium sale price was $435 875 and that is down 8% from last year this time.
In April last year, the interest rates began to go up and the prices started to go down. We could see the prices come on par with last year around June or July of this year.
If you are thinking of selling, you should know that the days for residential properties on the Ottawa market continues to decrease.
If you are a buyer, have your financing documents ready to go and think about including a love letter or love video If you get into multiple offers. It helps your offer to stand out. The seller gets to learn all the reasons you LOVE their house and most sellers really enjoy hearing those details.
As always, if you have questions, reach out! I love chatting about the Ottawa real estate market.