March Ottawa Real Estate Update
April 11, 2023
Here we are with your March Ottawa Real Estate Update!
Welcome Spring! I think it’s safe to say that we are definitely feeling the influx of home buyers and sellers as we find ourselves jumping right into the spring real estate market! The weather is warming up, the sun is out and almost all the snow has melted – summer seems just around the corner. This is the time when the majority of Ottawa buyers hit the ground running! Its perfect timing for a summer move. Let’s take a look at how Ottawa fared last month in March.
Important Note: We’d really like to point out that just reviewing the YOY stats of the March Ottawa Real Estate Update can be deceiving. Since our market experienced such a drastic high last year, and one of the strongest sellers market we’ve ever seen, the “decreases” aren’t necessarily a realistic overview of how our overall market is doing. Especially in regards to the home prices. Many of our communities are finding themselves in a balanced market which is a FANTASTIC place to be for everyone : )
Christiane Lafleur – Team Leader
When reviewing the sales and prices, the YOY comparisons remain significantly “down” compared to 2022 (down ⬇️ 40% for residential unit sales), and we are seeing an increase in average statistics MOM compared to early 2023 (a 40% INCREASE ⬆️ in contrast to February of this year). We can confidently say the month of March saw signs of a spring surge sprouting!
OREB President Ken Dekker says “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.”
FOR BUYERS
If you’re thinking of buying a home this spring, we have some good news for you! With the recent climb in residential prices, Ottawa’s resale market is stabilizing along with interest rates. Condos are remaining steady due to their more affordable price points – overall prices are headed in the right direction! 👏 No matter what, it’s important to be ready with your pre-approval and a flexible schedule. Properties that are priced well and move in ready are selling quickly. If you see something you like, don’t hesitate to book your showing!
FOR SELLERS
If you’re thinking of selling your home this spring, the time is right! Some good news is that well-priced and well-prepared homes are selling at great prices (AND quite quickly!). This isn’t the time to skimp out on preparation – it’s so important to have an experienced REALTOR® on your side. They’ll help you navigate current market values 🔎 and properly prepare your property to appeal to the largest majority of buyers.
It’s not too late to get in on the spring market – let us help you find the home where you belong.
If you’re interested in reading the latest News Release published by our Ottawa Real Estate Board click here: Signs of Spring Surge Sprouting.