Courtesy of Fatimah & Ameenah Elbarrani

AVERAGE SALE PRICES March Resales: Signs of Spring Surge Sprouting

$418,670 condo DOWN 13% year-to-year

$710,070 freehold DOWN 17% year-to-year

893 PROPERTY SALES

301 PROPERTY SALES

Ottawa, April 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service ® (MLS ® ) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 1,698. “The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says OREB President Ken Dekker.

The average sale price for a freehold class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low. The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023. Statistics reflect market activity in March 2023 | Source: OREB ® Ottawa Real Estate Board | Market values stated are of the average of Ottawa and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Ameenah: 613-263-6153 Fatimah: 613-276-0987 info@thebarraniteam.com

@The Barrani Team - Real Estate

@thebarraniteam

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