Ottawa vs Russell: A Comparative Analysis of October 2023 Real Estate Stats

The real estate markets in Ottawa and the Town of Russell offer insightful contrasts, reflective of their unique characteristics and appeal to different segments of homebuyers. While Ottawa, as Canada's capital, is a bustling metropolitan area with a diverse economy and cultural richness, Russell is a smaller town known for its charming rural ambiance and tight-knit community. Let's delve into the real estate market statistics for October 2023 to understand how these two distinct areas compare.

Ottawa Real Estate Market in October 2023

In October 2023, Ottawa's real estate market showcased the following key statistics:

• Sales Activity: A total of 816 homes were sold.
• Dollar Volume: The total dollar volume of sales was approximately $539 million.
• New Listings: There were 1,895 new listings, indicating a vibrant market with a steady supply of homes.
• Active Listings: The month ended with 3,062 active listings.
• Sales to New Listings Ratio: The ratio stood at 43.1%, suggesting a more balanced market.
• Months of Inventory: There was a 3.8-month supply of homes, hinting towards a market that is neither too skewed towards buyers nor sellers.
• Average Price: The average sale price was about $660,836.
• Median Price: The median sale price was slightly lower at $607,000.
• Sale to List Price Ratio: Homes sold for 97.5% of their listing price on average.
• Median Days on Market: Homes spent an average of 22 days on the market before selling​​.

Russell Real Estate Market in October 2023

In contrast, the Town of Russell's real estate market in the same period presented different dynamics:

• Sales Activity: Only 8 homes were sold, reflecting the smaller size of the town.
• Dollar Volume: The total sales amounted to around $5.8 million.
• New Listings: There were 25 new listings, indicating limited availability compared to Ottawa.
• Active Listings: The month concluded with 36 active listings.
• Sales to New Listings Ratio: A high ratio of 32.0% suggests a competitive market, possibly due to the limited number of homes.
• Months of Inventory: The market had a 4.5-month supply of homes, slightly higher than Ottawa.
• Average Price: The average sale price was significantly higher at $724,375.
• Median Price: The median price was close to the average at $716,500, indicating less variability in home prices.
• Sale to List Price Ratio: Homes sold for 98.4% of their listing price on average, slightly higher than in Ottawa.
• Median Days on Market: Homes sold faster with an average of 15.5 days on the market​​.

Comparative Insights

When comparing the real estate statistics of Ottawa and Russell for October 2023, several interesting points emerge:

1. Volume of Sales: Ottawa, being a larger city, naturally sees a higher volume of sales compared to the smaller, more rural town of Russell.

2. Average and Median Prices: The average and median prices in Russell are higher than in Ottawa. This could be attributed to Russell's appeal as a quieter, more rural area, potentially offering larger properties or homes with more land.

3. Sales to New Listings Ratio and Months of Inventory: Both areas show a balanced market, but Russell's higher sales to new listings ratio indicates a more competitive environment, possibly due to fewer listings.

4. Sale to List Price Ratio: The slightly higher ratio in Russell suggests that homes there are selling closer to their asking prices, which could indicate a stronger demand for properties in this area.

5. Market Pace: Homes in Russell tend to sell faster than in Ottawa, as seen in the median days on market. This quicker pace could be due to the lower volume of available properties and high demand.

The real estate markets in Ottawa and Russell in October 2023 exhibit distinctive characteristics reflective of their respective urban and rural settings. Ottawa's market is larger and more varied, while Russell's market, though smaller, shows signs of higher demand and competitive pricing. These statistics are invaluable for potential homebuyers and investors in understanding the dynamics of these two diverse markets.