I think the biggest thing that most people want to know is what's going on in the Ottawa market. So this week, we're gonna do our monthly market update.

So in the last 12 months, we saw the average home price in Ottawa increased by 17%. From 511 to 599.

The average sold units decreased from 2625 to 2054.

The average total list price also decreased from 103 to 102.

And we saw the average days on the market increase by 8% from 19 to 20. So when we take a look at the average price of all homes sold in Ottawa, we'll see that we're starting to rebound from the dip that we saw in the summer.

So currently at $599,022, we're not quite at our peak of the $623,318. We saw March but were significantly higher than our $569,770 that we saw in August. Now let's take a look at specifically what's going on with townhomes in the city.

When we take a look at townhomes specifically, we'll see the same market peak in March. But we'll see the downward trend start in April and go all the way to August, the average price in March being $573,341 dropping all the way down to $528,031 in August, making a rebound and staying around the $554,000 price range. Things are a little bit different though. When we look solely at detached homes.

Well, detached homes saw a drastic decline with the average price being $706,034, all the way down to $628,179. So we've now seen the prices rise again for four consecutive months, with not a hint of slowing down as less and less homes are coming to the market.

So now we've gone through price. Now let's take a look at the actual units sold.

On first glance looking and seeing that the average home sold decreased by 21%. You might think that the markets slowing down but we have to think about where we were last year. And where we normally are this time of year. This graph is going to show the amount of homes sold in 2019, 2020, and 2021, you're going to see that we're actually on par with where we should be. Now looking at this graph, to predict the future, we often have to look at the past. And you can see that year over year, we have the same weeks where the sales drop, these weeks are actually going to correlate with our long weekends. If there's a long weekend coming up, this is something you should consider before putting your home on the market.

Next when we take a look at the sold list price, which we saw a decrease over last year and the days on the market which we saw an increase. If we take a look at month over month, we'll actually see the opposite the days on market is going down and the sold-to-list price is going up. But to see how these numbers correlate against each other. Let's take a look at the next graph.

When we take a look at this graph, we'll see the homes that are selling within a week are actually selling for 112% of the asking price and at week two 105%. They're still selling above the list price on average, three weeks after hitting the market. This is a graph I like to show all my sellers to show them the importance of pricing your home right. So there's a little snapshot of what's going on today in the Ottawa market. There's a lot of different things that we can dig deeper into. So if you have any questions you can always give me a call directly.