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The spring market has arrived and this is your February, 2023, Ottawa real estate market update. I'm Liza Wilson, trusted real estate advisor, and I help families in the Ottawa area upsize their homes.
Here’s three signs the spring market has arrived in Ottawa:
Inventory has decreased. We've gone from 3.8 months of inventory to 2.8 months of inventory which means buyers have been out there looking and buying. If the inventory doesn't increase, we could see more competition between buyers.
The average sale price for a residential home has increased for the second month in a row. It is up 5% for the average residential sale price over last month.
The days on market have decreased from 43 days to 37 days. This means homes are starting to sell faster.
The average residential sale price was $708 968 and that is a decrease of 15% from last year this time. Remember, the Ottawa real estate market was in a completely different situation in February of 2022. The important note is that this is the second month in a row we are experiencing an increase for the average residential sale price. From December to January, there was a 3% increase month over month and from January to February there was a 5% increase in the residential sale price. I expect that we will see a continual increase for next month as well.
The average condominium sale price is $410 927 and that's a decrease of 12% from last year this time.
Buyers: if you're thinking of making a move this spring, it's time to get your pre-approvals in order. From my discussions with mortgage brokers, they are seeing an increased activity in the number of pre-approvals being submitted so that means there could be demand returning.
Sellers: the spring market is always a great time to sell in Ottawa. Currently, the numbers suggest that we could head back to a seller's market if that inventory doesn't increase.
As always, if you have questions, reach out! I am a quick call or email away. I love chatting about the Ottawa real estate market!
Happy Spring!