As the calendar flips to April 2024, the pulse of Ottawa's real estate market continues to beat with resilience and vitality. With spring in full swing, buyers and sellers alike are eager to understand the latest trends shaping their decisions. We spoke with Mitch MacKenzie about this month’s numbers:

Market Statistics Overview

Residential Market:

Unit Sales: The residential sector witnessed a notable uptick in activity, with 843 unit sales, marking a 6.8% increase compared to the previous year.
Average Price: The average residential property price stands at $815,646, showcasing a steady appreciation of 3.23% year-over-year.
Median Price: Similarly, the median residential price rose to $730,000, reflecting a 3.54% increase compared to the same period last year.
Days on Market (DOM): Properties are selling faster, with the average time to sell reduced to 31 days, indicating a 6% improvement in selling speed.

Condominium Market:

Unit Sales: Condominium sales totalled 346 units (up 15.33%), maintaining a stable trajectory.
Average Price: The average price for condos dipped slightly to $442,247, down by 0.81% compared to last year.
Median Price: Similarly, the median condo price saw a marginal decrease to $412,000, marking a 1.8% decline year-over-year.
Days on Market (DOM): Condos are taking a bit longer to sell, with the average DOM increasing to 46 days, though only by 2.2%.

Advice for Buyers

For prospective buyers eyeing the Ottawa market, the current landscape presents both opportunities and challenges. Here are some key considerations:

Act Decisively: With properties selling faster, it's essential to act decisively when you find a suitable home. Be prepared to make competitive offers to secure your desired property.
Budget Flexibility: While prices have risen slightly, interest rates remain favourable. However, be mindful of your budget and ensure you're comfortable with the financial commitment.
Market Research: Conduct thorough market research and work with a knowledgeable real estate agent who can provide insights into specific neighbourhoods and property types.
Negotiation Strategy: In a competitive market, having a clear negotiation strategy is crucial. Your agent can help craft an offer that stands out while protecting your interests.

Advice for Sellers

For homeowners considering selling their properties, the current market conditions offer opportunities for a successful sale. Here's how sellers can maximize their outcomes:

Price Strategically: Price your property competitively based on current market trends and comparable sales. A realistic listing price can attract more buyers and lead to a faster sale.
Enhance Curb Appeal: First impressions matter. Invest in minor upgrades and ensure your property is well-maintained and visually appealing to prospective buyers.
Flexible Showings: Be accommodating with showing schedules to accommodate the increased demand. Consider virtual tours and other technology-driven solutions to showcase your property effectively.
Work with Professionals: Partner with a reputable real estate agent who understands the local market dynamics and can leverage their network to attract qualified buyers.

What Do These Numbers Mean for Everyone in the City?

The latest market statistics offer valuable insights for both buyers and sellers across Ottawa. For buyers, it's a reminder to act swiftly and make informed decisions in a competitive market. For sellers, it underscores the importance of pricing strategically and presenting their properties in the best possible light to attract buyers.

Overall, the April 2024 market data indicates a healthy and dynamic real estate landscape in Ottawa, characterized by steady appreciation and robust demand. By staying informed and partnering with experienced professionals, buyers and sellers can navigate the market with confidence and achieve their real estate goals.