Courtesy of Fatimah & Ameenah Elbarrani

Ottawa’s MLS ® Activity Builds After Recovering from Prior Slowdown

DOWN 1.7% year-to-year $420,800 apartment

$734,300 single family DOWN 0.2% year-to-year

BENCHMARK PRICES

2,469 NEW LISTINGS 1,439 SOLD LISTINGS

PROPERTY SALES Single Family: 772 Apartment: 208

MONTHS OF INVENTORY Single Family: 2.7 Apartment: 3.2

MEDIAN DAYS ON MARKET Single Family: 16 Apartment: 28.5

OTTAWA, July 4, 2024 - The number of homes sold through the MLS ® System of the Ottawa Real Estate Board (OREB) totaled 1,439 units in June 2024. “Ottawa continues to see steady activity as we head into the summer market,” says OREB President Curtis Fillier. “Unlike recent years, buyers have more room to wait, evaluate and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains." “It’s going to be an interesting summer and next half of the year. As confidence builds, there will be ample opportunities for both parties. Now is the time for sellers to ensure their property is at its best and priced appropriately to attract buyers who remain

slightly reluctant. Buyers would do well to remember that inventory levels — and competition — can swing quickly in Ottawa’s tight market.” The overall MLS ® HPI composite benchmark price was $647,700 in June 2024, down 0.5% from June 2023. The benchmark price for single-family homes was $734,300, down 0.2% from June 2023. The benchmark price for a townhouse/row unit was $501,500, down 1.6% compared to a year earlier. The benchmark apartment price was $420,800, down 1.7% from year-ago levels. There were 2,469 new residential listings in June 2024. Active residential listings numbered 3,585 units on the market at the end of June 2024. Months of inventory numbered 2.5 at the end of June 2024. Statistics reflect market activity in June 2024 | 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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