March 2023 Newsletter
March was a huge month for the team - from awards, new agents, and plenty of new listings - the team is getting ready for an exciting spring market!
RE/MAX Hallmark Awards
Our team ranked in the top ten teams in Ottawa, and our individual agents brought home a variety of awards for themselves as well!
We are so honoured to be recognized for our work in the community this year - with all of you - and can’t wait to see what we achieve for 2023!
Welcome Stephany and Vineet!
We are so excited to welcome two new agents to our team! Stephany Watson and Vineet Kauden bring years of experience and dedication to our team. We can’t wait to see them flourish here!
Real Estate News in Ottawa
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
What You Need to Know About Todays’s Real Estate Market
Interest rates are in flux - and it can be scary to know if you’re making the right choice in today’s market. We spoke with Luke Thompson about the current market and his tips and tricks for deciding whether it’s time to buy, sell, or wait.
RE/MAX Hallmark Awards Luncheon
We had the honour of attending the RE/MAX Hallmark Awards Luncheon, and took home awards for our agents, and our team!
Moving Resources in Ottawa
If you’re planning a move in the next few months, there are a ton of businesses that can help you make the process as smooth as possible. We’ve listed a ton in this post!
Client Story
Vineet Kauden tells us “My goal as an agent is to continue to educate my clients on their property and neighbourhood. My work doesn’t end when the property is purchased. It’s important to understand what is going on in the neighbourhood, because the time may come again where you’re ready to move.”
His clients said “Vineet has been amazing to work with from day 1. Even after closing, Vineet has kept us in the loop of market trends. We are so excited to see that our house has already gained in value!”
Neighbourhood Monthly Statistics
In the month of March, Ottawa Real Estate Board members sold 1194 residential properties, compared to 2003 in March of 2022. This includes 893 freehold properties, down 40% from the previous year, and 301 condominium properties, down 42% from the previous year.
The average price for freehold properties in March was $710,070, down 17% from March of 2022. However, this is a slight increase from February 2023, showing that the market is beginning to pick up again. Freehold prices have, since December of 2022, climbed around 8%!
Condominiums were selling for an average of $418,670, down 13% from this time last year, but up 2% over last month.
Year to date freehold sale prices are at $701,837 and $414,698 for condominiums.
The recent month-over-month climb in prices in 2023 has illustrated that the market is stabilizing along with interest rates.
Inventory is also increasing. Freehold properties have seen an increase from 0.6 months in March 2022 to 2.3 months in March 2023. Condominiums have sen an increase from 0.6 months to 2.8 months year over year.
Days on market in Ottawa for this month has also decreased - from 37 to 34 for freehold homes and from 43 to 39 for condominiums.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Juno! Juno, actually named Juniper, is a German Shorthaired Pointer who visits our office with @cindyswalkandsit regularly.
Send us your dogs (or other animals) for the chance to be featured next month!
