January 2023 in Review
Last month in January 2023 members of the Ottawa Real Estate Board sold 606 residential properties a decrease of 35% compared to January 2022 (close to the peak of the market).
We had 1,324 new properties listed for sale in January leaving the total number of residential properties for sale at 2,318 an increase of 181% from the end of January 2022.
We currently have 3.8 Month Of Inventory on the market and a new listing sales rate of 45.8%. A balanced market in Ottawa.
It took an average of 69 days for properties of all types to sell in January, which is 39 days longer than January 2022 and 10 days longer than December 2022.
Of these 606 sales, 460 were freehold houses (-30.1%), and 146 were condominiums (-46.9%).
The average sales price for a freehold house sold in January 2023, was $676,272 showing a decrease of 12.1% over January 2022. While condominium average prices dropped 8% from last year to $412,244.
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.