Queenswood Heights Real Estate Market Update for November 2023

In this report, we delve into the real estate landscape of Bilberry Creek-Queenswood Heights and the broader Ottawa area as of November 2023. Our analysis is anchored in the latest data, offering a detailed perspective on sales values, pricing trends, and market dynamics. By examining the shifts in property sales, benchmark pricing, and inventory levels, we aim to provide a nuanced understanding of the current real estate environment in these regions. This report will serve as a valuable resource for potential buyers, sellers, real estate professionals, and market analysts seeking to navigate the intricacies of the local real estate market.

Bilberry Creek-Queenswood Heights:

1. Total Sales Value: In November 2023, the total sales value was $3,984,000 with an average selling price of $498,000 and a median price of $534,500​​.
2. Comparison to Previous Periods: The MLS® Home Price Index Benchmark Price showed a monthly change of -1.2% to -2.5% across different property types compared to a month ago. Over 12 months, the change ranged from +1.1% to +8.6%, indicating growth in some areas and a slight decline in others. For instance, single-family homes experienced a 1.1% increase over 12 months, while two-storey homes saw a 1.3% decrease in the same period​​.

Ottawa Real Estate Market:

1. Sales Numbers: There were 724 home sales in November 2023, a slight reduction of 1.6% from November 2022. This was significantly below the five-year (-31.8%) and ten-year (-27.4%) averages​​.
2. Price Trends: The overall MLS® Home Price Index composite benchmark price was $628,900 in November 2023, showing a modest gain of 1.4% from November 2022. The average price of homes sold was $633,138, marking a 0.8% decrease from the previous year. The year-to-date average price was $669,536, a decline of 5.7% compared to the first 11 months of 2022​​.
3. Inventory and New Listings: New listings saw a minor increase of 2.7% from November 2022, with 1,428 new residential listings. Active residential listings were 2,752 units, a significant gain of 15.8% from the end of November 2022, and the highest for this month in over five years. The number of months of inventory was 3.8 at the end of November 2023, up from 3.2 months at the end of November 2022​​.

The insights gathered in this report underscore the dynamic nature of the real estate markets in Bilberry Creek-Queenswood Heights and Ottawa. While we observe modest growth in certain areas, there are also signs of market stabilization and shifts in inventory levels. The current landscape presents a mixed picture, with variations in sales activity, pricing trends, and inventory indicating a market that is adapting to evolving economic and social factors. As the real estate market continues to evolve, staying informed with up-to-date data and analysis remains crucial for making well-informed decisions. This report aims to contribute to that knowledge base, offering a snapshot of the market as it stands in November 2023.