Ottawa Real Estate Update | November 2021 Edition
Last month in October 2021 members of the Ottawa Real Estate Board sold 1,677 residential properties a decrease of 21.3%* compared to 2,132 in October 2020.
We had 1,960 new properties listed for sale in October which is a 25.9% decrease compared to October 2020, leaving the total number of residential properties for sale at 1,776 a decrease of 7.6% from October of last year.
We currently have 1.1 Month Of Inventory on the market and a new listing sales rate of 85.6%, still a strong seller's market in Ottawa.
It took an average of 26 days for properties of all types to sell in October which is 7 days longer than the average in October 2020 and 1 day longer than September 2021.
Of these 1,677 sales, 1,263 were freehold houses, and 414 were condominiums.
The average sales price for a freehold house sold in October 2021, was $716,378 showing an increase of 18.9% over October 2020. While condominium average prices rose 9.6% from last year to $404,760.
Last Year: 2020 in Review
During 2020, there were 18,971 sales by the Ottawa Real Estate Board members.
Compared to 17,613 in 2019, an increase of 1.9%.
Nearly 60% of 2020's sales occurred from July-December which was a shift in the years seasonal market due to the pandemic, where 40% of Ottawa sales usually occur in the last 2 quarters.
It took an average of 28 days for properties of all types to sell in 2020 which is a decrease of 25% from 2019.
Of these 18,971 sales, 14,455 (+3.0% from '19) were freehold houses, and 4,516 (-1.5% from '19) were condominiums.
The average sales price for a freehold house sold in 2020, was $582,267 showing an increase of 19.7% over 2019, while condominium average prices rose 18.8% from last year to $361,337.