Casselman Real Estate Market Update - November 2023

In the dynamic landscape of real estate, Casselman, a part of the broader Ottawa area, presents an intriguing case study. As we delve into the latest figures from November 2023, it becomes evident that the market is undergoing some notable shifts. This analysis aims to provide a comprehensive overview of these changes, exploring trends in home sales, prices, and inventory levels. Whether you're a prospective buyer, a current homeowner, or simply keeping an eye on the market, these insights offer valuable perspectives on the evolving real estate scenario in Casselman.

1. Home Sales Trends:

   • In November 2023, there were 724 home sales in the Ottawa area, a slight decrease of 1.6% from November 2022.
   • Year-to-date home sales until November 2023 totaled 11,421 units, marking a significant decline of 11.7% compared to the same period in 2022.
   • Sales were substantially below the five-year average (31.8%) and the 10-year average (27.4%) for November.

2. Home Price Trends:

   • The MLS® Home Price Index (HPI) composite benchmark price was $628,900 in November 2023, showing a modest increase of 1.4% from November 2022.
   • The benchmark price for single-family homes was $708,900, up 1.6% year-over-year.
   • Townhouse/row unit benchmark price was $492,300, nearly unchanged from the previous year.
   • The benchmark apartment price rose by 1.2% to $424,300 compared to the previous year.
   • The average price of homes sold in November 2023 was $633,138, a decrease of 0.8% from November 2022. The year-to-date average price was $669,536, down 5.7% from the same period in 2022.

3. Inventory and New Listings:

   • There was a minor increase in new listings, with 1,428 new residential listings in November 2023. This was 8.4% above the five-year average and 10.4% above the 10-year average for November.
   • Active residential listings numbered 2,752 units at the end of November 2023, a significant increase of 15.8% from the end of November 2022.
   • The number of active listings was 53.9% above the five-year average but 6.7% below the 10-year average for November.
   • Months of inventory numbered 3.8 at the end of November 2023, up from 3.2 months in November 2022 and above the long-run average of 3.3 months.

The statistics from Casselman's real estate market in November 2023 provide a fascinating snapshot of the current trends and potential future directions. With a slight decrease in sales, a modest increase in home prices, and a growing inventory, the market is hinting at a gradual transition. These figures not only reflect the unique dynamics of Casselman but also resonate with broader trends in the Ottawa area. As we continue to monitor these developments, it's clear that understanding these trends is crucial for making informed decisions, whether you're entering the market or planning your next move in real estate.