October 2023 Real Estate Stats - Embrun Market Update

The real estate market, always a subject of keen interest and speculation, presents a fascinating landscape when comparing diverse regions. In this article, we delve into the October 2023 real estate statistics for two distinct areas in Canada: the bustling city of Ottawa and the charming town of Embrun. Ottawa, as the nation's capital, is known for its vibrant cultural scene and political significance. Embrun, on the other hand, offers a quieter, small-town charm that is increasingly appealing to many.

Ottawa Real Estate in October 2023

In Ottawa, the real estate market in October 2023 showed a robust level of activity. The total sales activity was recorded at 816 properties, generating a significant dollar volume of approximately $539 million. The average price of a property in Ottawa stood at $660,836, with the median price slightly lower at $607,000. This price point reflects Ottawa's position as a major city with a diverse and dynamic housing market.

The city witnessed 1,895 new listings and had 3,062 active listings in the month. This influx of new listings resulted in a sales-to-new listings ratio of 43.1%, indicating a market where new listings were being absorbed at a steady rate. The months of inventory, a critical measure of market balance, was at 3.8 months. This figure suggests a market that is relatively balanced, neither veering into a buyers' nor sellers' market territory.

One key indicator of market dynamics is the sale to list price ratio, which in Ottawa was 97.5%. This high percentage indicates that properties were selling close to their asking prices, a sign of a healthy market. The median days on market for properties was 22 days, reflecting a market where properties were selling at a relatively quick pace​​.

Embrun Real Estate in October 2023

In contrast, Embrun's real estate market, while smaller in scale, presented its own unique characteristics. October 2023 saw a total of 10 properties sold, amounting to a dollar volume of around $4.95 million. The average price of a property was $495,140, and the median was slightly lower at $468,200. These figures indicate that Embrun offers a more affordable entry point into the housing market compared to Ottawa.

The town had 23 new listings and 62 active listings in October. Interestingly, the sales to new listings ratio stood at a higher 43.5%, slightly more than Ottawa's. This ratio suggests a competitive market environment, with a good balance between buyers and sellers. The months of inventory in Embrun was higher at 6.2 months, indicating a market that slightly favors buyers, giving them more options and negotiating power.

The sale to list price ratio in Embrun was an impressive 98.7%, indicating that properties were selling very close to their listed prices, sometimes even more. This is a sign of a strong market with good demand. Properties in Embrun also sold relatively quickly, with the median days on market being 20 days​​.

Russell Real Estate in October 2023

Russell, another area within the same region, also showed unique market dynamics. The area saw 8 property sales in October 2023, with a total dollar volume of around $5.79 million. The average property price was notably higher at $724,375, with a median price of $716,500. This indicates a more premium segment of the market compared to both Ottawa and Embrun.

The sales to new listings ratio in Russell was 32.0%, with 25 new listings and 36 active listings. This lower ratio suggests a market with slightly less competition among buyers compared to Embrun and Ottawa. The months of inventory stood at 4.5 months, indicating a more balanced market, similar to Ottawa. The sale to list price ratio was high at 98.4%, and the median days on market was 15.5 days, suggesting a relatively quick turnover of properties​​.

In summary, October 2023 revealed interesting contrasts in the real estate markets of Ottawa, Embrun, and Russell. Ottawa's market demonstrated the dynamics of a major city with a healthy balance of supply and demand. Embrun offered a more affordable option with a slightly buyer-friendly market, while Russell catered to a more premium segment with its higher property prices. Each area presents unique opportunities and challenges, catering to different preferences and needs in the real estate spectrum.