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April 2023 - monthly market snapshot
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Good morning all,

Well, not only did we have some unseasonably warm weather last week in Ottawa, but the local real estate market is also starting to heat up! We've now seen three back to back months of sales and home price growth and I am anticipating a hot spring market.

You might have noticed that your monthly market snap shot is a little (ok, a lot) late this month! I took some time away in an even warmer climate over the last weeks, but it's back to business now with a better late than never edition to carry you over until May!

In this edition:
  • As always, we'll take a look back at the past month of Stats in the Ottawa real estate market.
  • I have a long awaited Just Sold property, that has definitely earned a shout out!
  • By now you are likely well aware of my participation in the 70km CN Cycle for CHEO and there is still time for anyone who would like to make a donation or participate personally!
  • As usual, we'll wrap up with a Photo of the Month, which will feature some views from my recent time out of office.
March 2023 Market Stats
  • Last month in March 2023 members of the Ottawa Real Estate Board sold 1,194 residential properties, which ia a decrease of 40.4% compared to the height of the market in March 2022.
  • There were 2,089 new properties listed for sale in March leaving the total number of residential properties for sale at 2,678 an increase of 113% from the end of March 2022.
  • There is currently approximately 2.2 Months of Inventory on the market and a new listing sales rate of 57.2%, which indicates a slide back into sellers market condition in Ottawa.
  • It took an average of 52 days for properties of all types to sell in February, which is 38 days longer than March 2022 and 10 days fewer than last month, February 2023.
March 2023 at a glance:
We'll break this down by Freehold vs. Condo properties below: You will find last month, March 2023, at the far right of the graph, thereby allowing for a clearer representation of the preceding 11 months and any trends we can take note of at this time.

Freehold home sales stats for the past 12 months:
  • Of these 1,194 properties sold in March 2023, 893 were freehold houses, which is a decrease of 39.9% from this time last year
  • The average sales price for a freehold house sold in March 2023 was $710,070, showing a decrease of 16.9% from March 2022.
Condominium sales stats for the past 12 months:
  • Of these 1,194 properties sold in March 2023, 301 were condominiums, which is a decrease of 41.7% from this time last year.
  • The average sales price for a condominium sold in March 2023 was $418,670, showing a decrease of 12.7% from March 2022.
Just Sold : 568 Malahat Way
Even Magic the lab came out to celebrate this sale!

After a couple unsuccessful offers, my client waited patiently for the right buyers to find her home, starting in the slow holiday season, and persevering until the spring activity picked up and brought the buyers!

I am so happy for my seller to begin a new adventure in a new home, and I'm sure the new owners of 568 Malahat Way will be happy here for years to come...
70km CN Cycle for CHEO
I know, you know... Every year I participate in the 70km CN Cycle for CHEO... It's the one cause for which I reach out to you for donations, so you'll just have to put up with me talking about it until May 7th!

I am so humbled by how many of you have already supported me this year, helping me raise $1150 so far for this amazing cause; ensuring that CHEO remains a leader in creating better treatment options to help more kids survive cancer.

If you would still like to make a donation, or participate personally, it's not too late! You can visit my fundraising page here, and also find links to all the event info.
Photos of the Month
Finally, as promised, here are a few beautiful city views from my time spent out of office this month...

PS if you enjoy my photos of the month section, be sure to follow me on Instagram @kaylameyer613 for many more photos and videos!
That's all for this month friends! As always, don't hesitate to reach out to me with any real estate related questions or needs you may have, and please share my contact information freely with your friends and family.

Sincerely,

 
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Copyright © 2023 Kayla Meyer, All rights reserved.

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Kayla Meyer, Sales Representative · REMAX Hallmark Realty Group, Brokerage Independently Owned and Operated · 610 Bronson Avenue · Ottawa, On K1S 4E6 · Canada

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