Source: OREB
What happened in the Ottawa market this June?
In June, the days got longer and the list of available homes in Ottawa grew even more! This past month the Ottawa Real Estate Board (OREB) MLS® System saw continued growth in inventory. We saw a total of 1,439 homes were sold (a 0.1% increase). This stability in sales volume reflects a balanced market, appealing to both buyers and sellers.
June saw 2,469 new residential listings (a 4.7% increase) and active residential listings at the end of the month totalled 3,585 units (a 45.5% increase). This substantial year-over-year gain in active listings suggests that buyers have more options to choose from compared to previous years.
The average price of homes sold in June 2024 was $686,535 (a 0.5% increase). On a broader scale, the year-to-date average price was $681,345 (a 1.6% increase). Meanwhile, the overall MLS® HPI composite benchmark price stood at $647,700 (a decrease of 0.5%).
Breaking it down by property type, the benchmark price for single-family homes was $734,300 (a 0.2% decrease). Townhouse/row units had a benchmark price of $501,500 (a 1.6% decrease), while apartments were priced at $420,800 (a 1.7% decrease).
These statistics highlight a nuanced market, with slight price adjustments and a notable increase in listings providing a dynamic environment for both buyers and sellers in Ottawa. Whatever your current real estate goals are, knowing the numbers always helps to understand market fluctuations. Let me know if you’d like to discuss how these numbers further!
