2022 in Review
In 2022, there were 15,288 sales by the Ottawa Real Estate Board members. Compared to 20,289 in 2021, there was a decrease of 24.6% in the number of homes & condos sold.
It took an average of 26 days for properties of all types to sell in 2022 which is an increase of 30% from 2021, 6 days longer.
Of these 15,288 sales, 11,508 (-24.8% from 2021) were freehold houses, and 3,780 (-24.1% from 2021) were condominiums.
The average sales price for a freehold house sold in 2022, was $769,623 showing an increase of 7.0% over 2021, while condominium average prices rose 8.1% from last year to $453,770.
At the beginning of 2023 the total number of residential properties for sale was 2,254 an increase of 208.2% from the beginning of 2022.
We began 2023 with a 3.8 month supply of homes for sale, the low end of a balanced market.
December 2022 in Review
Last month in December 2022 members of the Ottawa Real Estate Board sold 601 residential properties a decrease of 29.9% compared to December 2021.
We had 699 new properties listed for sale in December leaving the total number of residential properties for sale at 2,245 an increase of 208.2% from the end of December 2021.
We currently have 3.8 Month Of Inventory on the market and a new listing sales rate of 86%. These indicate the beginning of a balanced market condition in Ottawa.
It took an average of 59 days for properties of all types to sell in December, which is 27 days longer than December 2021 and 10 days longer than November 2022.Of these 601 sales, 466 were freehold houses (-21.8%), and 135 were condominiums (-48.3%).
The average sales price for a freehold house sold in December 2022, was $655,839 showing a decrease of 7.3% over December 2021. While condominium average prices rose 9.0% from last year to $434,973.
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 & 64-year history of house prices, condo prices, home & condo sales, and inventory of homes for sale in Ottawa.