June 2024 Ottawa Real Estate Market Insights
The Ottawa real estate market is bouncing back, with more activity and increased confidence from both buyers and sellers. As we move through 2024, it’s critical to stay informed about the latest trends and data to make the best decisions!
June 2024 MLS® System Sales Data
Last month, 1,439 homes were sold, showing a slight increase of 0.1% compared to June 2023. However, this number is still 7.5% below the five-year average and 13.2% below the ten-year average, indicating the market is recovering but hasn’t fully rebounded yet.
Year-to-Date Home Sales
The first half of 2024 has seen 7,109 home sales, a 4.2% increase from the same period in 2023. This positive trend suggests that the market is steadily improving.
Market Trends and Observations
The market is pretty stable as we head into summer! The data shows that buyers are being more selective, which means homes are staying on the market longer. Sellers are stepping up by ensuring their homes are in great condition and priced right. The market’s gradual recovery presents good opportunities for both buyers and sellers. Sellers should focus on presenting their homes in the best possible light, while buyers should be prepared for varying inventory levels and competition.
Price Trends
The MLS® Home Price Index (HPI), which offers a clearer view of market trends, shows the following:
- Overall MLS® HPI composite benchmark price: $647,700 (down 0.5% from June 2023)
- Single-family homes benchmark price: $734,300 (down 0.2% year-over-year)
- Townhouse/row unit benchmark price: $501,500 (down 1.6% year-over-year)
- Apartment benchmark price: $420,800 (down 1.7% year-over-year)
The average price of homes sold in June 2024 was $686,535, a small increase of 0.5% from June 2023, with a year-to-date average price of $681,345, up 1.6%. The total dollar volume of home sales reached $987.9 million, up 0.7% from June 2023. Remember, the average sale price can be influenced by the types of homes sold and doesn’t always reflect individual property value changes.
Inventory and New Listings
June 2024 saw a 4.7% increase in new residential listings from June 2023, totalling 2,469 units. Active listings jumped 45.5% to 3,585 units, offering more choices for buyers. The months of inventory, which indicates how long it would take to sell all current listings at the current sales rate, rose to 2.5 months from 1.7 months in June 2023, suggesting a more balanced market.
In Conclusion
Ottawa’s real estate market in June 2024 is marked by cautious optimism and signs of recovery. Whether you’re buying or selling, this is a good time to explore the market. Stay informed and work with experienced professionals to navigate the opportunities that lie ahead in the rest of the year.
