Last Month in Review
Last month in October 2022 members of the Ottawa Real Estate Board sold 987 residential properties a decrease of 40.9% compared to October 2021. Year to date 13,857 homes & condos have sold, 22.9% less than the Jan-Oct of 2021
We had 2,047 new properties listed for sale in October leaving the total number of residential properties for sale at 3,219 an increase of 80.9% from the end of October 2021.
We currently have 3.3 Month Of Inventory on the market and a new listing sales rate of 48.2%. This is a balanced market condition.
It took an average of 43 days for properties of all types to sell in October, which is 17 days longer than October 2021 and 2 days longer than last month.
Of these 987 sales, 758 were freehold houses, and 229 were condominiums.
The average sales price for a freehold house sold in October 2022, was $677,873 showing a decrease of 5.4% over October 2021. While condominium average prices rose 9.3% from last year to $445,691.
Pop over to our website https://www.thetulipteam.com/stats/ to stay up to date on the Ottawa real estate market and see the 10 & 63 year history of house prices, condo prices, home & condo sales, and inventory of homes for sale in Ottawa.