Welcome to all Barrhaven residents and real estate enthusiasts! We’re thrilled to present the latest Barrhaven real estate market report for December 2023. In this month’s report we delve into the key statistics that will keep you informed about the current state of the unique housing market in Barrhaven.
Property Prices
The real estate landscape in Barrhaven continues to ebb and flow, with the average sale price for a detached single-family home in December 2023 sitting at $759,240. This marks a decrease of -8.56% compared to last year’s asking price of $830,355 for the same month.
Days to Sell
Real estate transactions have seen an elongation in the average time properties linger on the market in Barrhaven. The average Days to Sell were 64 in December 2023, which is +16 days longer than what was recorded in December 2022. We can see a stark difference when compared to the 27-day average recorded five years ago in December 2018 – a +36 day increase!
Properties Sold
Despite more days on the market, more properties were sold in December 2023 than in the same period in previous years, with 78 properties making a change of hands. This is a substantial increase of +30.0% over the 60 properties sold in December 2022. Compared to 5 years ago, it is a whopping +73.3% increase from the 45 properties sold in December 2018.
Long-Term Market Growth
Over the span of the last 5 years, property prices in Barrhaven have seen a significant increase. We’ve seen the average price of a detached single-family home increase by $244,397 from 2018 to a staggering $759,240 in December 2023. Other styles of properties have also followed this trend, with bungalows increasing by +23.7%, two-story homes by +53.8%, and row/townhomes witnessing a +59.0% increase in average price over the last 5 years.
Barrhaven vs Ottawa
Upon comparing Barrhaven’s real estate market with Ottawa’s broader municipality, fascinating trends emerge. The average sale price for a detached single-family home in Ottawa was $808,874 in December 2023, a higher figure by +6.5% when compared to Barrhaven’s average of $759,240.
Posted Mortgage Rates
Mortgage rates continue to play a pivotal role in real estate purchase decisions. As of November 29, 2023, the posted mortgage rates for a 1-Year term is 8.09%, the 3-Year term is 7.24%, and the 5-Year term is 7.04%.
Conclusion
The Barrhaven real estate market is teeming with intricate statistics and trends – a vibrant fusion of falling prices, increased days on the market but surprisingly more properties sold. Surely, these factors provide potential homebuyers and sellers with valuable insights into making better-informed decisions.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. We have curated our search criteria to ensure more accurate stats for smaller regions of Ottawa. All figures are believed accurate but may not be guaranteed – we are human after all!
