Ottawa Real Estate Market Update: September, 2023

September sales hold steady for the Ottawa real estate market.

September is the usual time for families to be preoccupied with back to school and extracurricular activities starting up again so, it's normal to see a little bit of a slowdown in activity with sales. 

Inventory has increased by 9.8% compared to last year this time and that means buyers have more choice. With more choice, that means more days on the market for sellers.

If you've been following my market updates this year, you know that the average residential sale price has been hovering around the mid $700’s. Did you know the majority of sales in the residential class are happening between the $500,000 to $800,000 range? If you are a seller and your home is in that range, you are likely to see the most activity as far as showings on your property. 

In the condominium class, the majority of sales are happening between the $300 to $500k range which makes sense because after you hit the $500k mark, you may be able to get a starter freehold home.

The average residential sale price was just over $725,000 and that is an increase of 2.6% from last year this time. The average condominium sale price was just under $436,000 and that is a decrease of 3.4% from last year this time. 

As we head into October, we could see increased sales activity as buyers rush to get into something before the snow hits. If you are a seller thinking about hitting the fall market, reach out to chat! 

Buyers-I always say the best time to buy is in November and December-reach out to ask me why!

Happy Thanksgiving everyone!