Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for April 2024 in the top five "downtown" areas - Centretown, Byward Market and Sandy Hill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what is sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is roughly 14 days for almost every single transaction.
In April 2024, the Ottawa Real Estate Board (OREB) reported that 1,456 homes were sold through its MLS® System, marking an 8.9% increase compared to April 2023.
Although home sales for April were 2% below the five-year average and 6.9% below the 10-year average, the year-to-date figures showed promising growth. From January to April, there were 4,132 home sales, indicating an 11.5% increase over the same period in 2023.
OREB President, Curtis Fillier, remarked that the current market reflects a renewed confidence among both buyers and sellers. Sellers are more assured about listing their properties, encouraged by recent sales activity, while buyers are less pressured, allowing them to take their time in finding the right property. Fillier emphasized that while the market pace remains cautious due to economic factors, Ottawa's real estate market is robust and stable.
Delving deeper into the market trends, Fillier noted that townhomes are experiencing a shift towards a seller's market due to decreasing supply, while single-family homes dominate sales, leading to an increase in average sale prices. He anticipates that the coming months will offer valuable insights as buyers and sellers navigate post-pandemic adjustments amid upcoming events such as the federal election and government workers returning to offices.
The MLS® Home Price Index (HPI) provides a more accurate reflection of price trends compared to average or median price measures. In April 2024, the overall MLS® HPI composite benchmark price stood at $643,700, a marginal increase of 1.6% from April 2023. Single-family homes recorded a benchmark price of $727,700, up 1.6% year-over-year, while townhouses and apartments also saw modest gains.
The average price of homes sold in April 2024 was $705,117, representing a 1.2% increase from April 2023. Year-to-date, the average price reached $675,817, up by 2.4% compared to the first four months of 2023. The total dollar volume of home sales in April 2024 was $1.02 billion, marking a 10.2% increase from April 2023.
OREB cautioned that while the average sale price can indicate market trends over time, it should not be used to determine specific property values, as prices vary by neighborhood.
New listings surged by 40.5% in April 2024 compared to April 2023, with 2,597 new residential listings. Active residential listings also saw a substantial increase, reaching 2,966 units by the end of April 2024, up by 36.6% from April 2023. However, despite the rise in listings, the months of inventory only slightly increased from 1.6 to 2, indicating a balanced market condition.
In summary, the Ottawa real estate market continues to show resilience and growth, with both buyers and sellers navigating the evolving landscape with confidence.
Important to note is that these statistics can only be as accurate as there are condos sold in Ottawa. The more condos sold in an area, the more accurate the averages will be.
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