Courtesy of The MacGowan Team

Ottawa’s MLS ® Market Thawed in January but Sales Still Slow

$418,500 Apartment UP 3.7% year-to-year

$703,500 Single Family

UP 3.7% year-to-year

BENCHMARK PRICES

1,271 NEW LISTINGS

PROPERTY SALES 629

MONTHS OF INVENTORY 3.1

DAYS ON MARKET 43

Ottawa, February 2024 - The number of homes sold through the MLS ® System of the Ottawa Real Estate Board totaled 629 units in January 2024. “Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President Curtis Fillier. “While REALTORS ® are telling us there’s lots of showing activity — probably thanks in part to the forgiving winter thus far — it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously. During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place. Sellers would be well advised to adjust their expectations and thoughtfully consider

their pricing and timing strategy using the negotiating expertise and hyper-local data their REALTOR ® can provide.” The overall MLS ® HPI composite benchmark price was $621,600 in January 2024, up 3.2% from January 2023. The benchmark price for single-family homes was $703,500, up 3.7% on a year-over year basis in January. The benchmark price for a townhouse/row unit was $462,200, down 2.1% from January 2023. The benchmark apartment price was $418,500, up 3.7% from year-ago levels. There were 1,271 new residential listings in January 2024. Active residential listings numbered 1,961 units on the market at the end of January 2024. Months of inventory numbered 3.1 at the end of January 2024. Statistics reflect market activity in Jan 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.

Direct. 613-859-1317 Mike@MacGowanTeam.com www.MacGowanTeam.com

Mike MacGowan REALTOR ® 613.859.1317

Ken MacGowan B.Comm., CPA, CMA, Real Estate Broker 613.791.5480

Daren MacGowan REALTOR ® 613.324.5294

Each Office Independently Owned and Operated. 747 Silver Seven Rd UNIT 29, Ottawa, ON K2V 0H2 Affiliates Realty Ltd., Brokerage

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