May is usually the month where we see the highest number of home sales. This May was typical, and it was the first month this year, where sales were up over the same month the previous year.
It is a favourable year for sellers so far. As long as interest rates hold, it should continue to be a strong market.
Right now, there are around 5 to 6 weeks of available homes on the market. That means, that with the current number of sales each month, there are enough homes for approximately 5 to 6 weeks.
This has caused multiple offer situations again in some areas and is putting pressure on home prices.
If you are going to buy your home, now may be the time to do so. The average sales price in May remained about the same as in April. However, prices are up substantially over what they were at the end of 2022.
Prices did go up from March to April by approx. 5%, from February to March by approx. .2%, and from January to February by approx.. 5%
Even with the reduced number of sales, the Ottawa resale market remains strong.
Now that we are in a balanced market, we are no longer seeing the sale prices that occurred during the " Covid" period. Prices have settled, however, that should not be seen as a market downward slide. There are still homes selling over asking, just not to the degree which we saw a year ago.
There were 16% more listings that came on the market this January, compared to January 2022.
That is good news for buyers!
Right now, we are still in a balanced market, which is good news all around.
The spring market is around the corner, so we will see how the number of available homes changes.
Right now, homes are selling on average, in 37 days for freehold homes, and 43 days for condos, from the day they come on the market. That is down 6 days from last month for freehold homes and down 4 days for condos.
For freehold homes, although the average sale price is down from February 2022, the average sale price is up by 5% over last month.
If you have any questions, please send me a message.
Have a great day!
Freehold home prices have stabilized, as has the interest rate, with the bank of Canada holding the rate on April 12th. Freehold home sales prices have risen in both February, 5% higher than January, and in March, 0.2 % higher than February.
Condominiums are a great option as they remain more affordable than Freehold homes. Condominiums aren’t strictly apartments. There are also stacked and row house condominiums.
The number of sales has gone up month over month as we head into the spring market.
If you would like more information, please contact me.