Market Update October 2023
Ottawa & Lanark County Real Estate Market Update October 2023 statistics are in for another month.
So, here’s the deal: when we crunched the numbers, it turns out that the September market hasn’t followed the typical upswing we usually see. 📅🏘️
The number of homes sold in Ottawa and Lanark County were less year to date than 2022 and the average sales price is trending at 8 and 9% less than 2022.
Now, here’s the burning question on everyone’s minds: are we currently in a buyers’, sellers’, or balanced market?
Well, it’s not a one-size-fits-all answer; it depends on what you’re looking to buy or sell.
In Lanark County, we’re looking at just over 3 months’ worth of inventory on the market, while in Ottawa, it’s around 4 months. This suggests that, for now, it’s leaning toward a sellers’ market. But hold on, there’s more to the story!
A true balanced market is when we have around 6 months of inventory. But remember, the balance can shift based on various factors like the type of house you’re dealing with, the price point, and the level of competition in the area. It’s like trying to find the perfect recipe – it depends on the ingredients!
TIP: And now, for a valuable tip of the month: 🚨💡
Mortgages are coming due for many folks, so here’s a savvy move. Before you jump at what your bank’s offering, shop around! Yes, even check out the rates with your own bank if your financial situation hasn’t changed much since you first got your mortgage. You might just find a better deal that could save you a bundle in the long run
The 5 year insured mortgage is 5.94% but some brokerages have specials of 5.79% and the prime rate is 7.20%.
For more details on the Ottawa & Lanark County Real Estate Market Update October 2023 click here or the above graph
Stay tuned for more real estate insights and tips next month
Reach out if you need more information.
Download the PDF – October 2023 Market Snapshot
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