Welcome to all Bridlewood residents and real estate enthusiasts! We’re thrilled to present the latest Bridlewood 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 Bridlewood.
Property Prices
In December 2023, the Bridlewood market saw an upward trend in the prices of detached single-family homes. The average sale price reached $779,975, showcasing a significant increase of 7.18% compared to last year’s price of $727,700 for December 2022.
Days to Sell
Homes in Bridlewood, on average, were listed for 82 days before being sold in December 2023. This is a significant increase of +17 days from last year in December 2022, causing a slower turnover. When compared to 5 years ago, in December 2018, there’s been a dramatic increase of +55 days, indicating a market that takes a little more patience.
Properties Sold
The Bridlewood housing sector witnessed a total of 5 properties changing hands in December 2023. This figure rises by 25.0% when compared to last year when only 4 properties were sold. Looking back 5 years ago, in December 2018, the scenario was slightly different with 7 properties sold, indicating a decrease of 28.6% from December 2023.
Long-Term Market Growth
Since 2018, the Bridlewood real estate market has shown seemingly unshakeable growth, with a total increase of +167.99% in property prices for detached single-family homes. From 2018 to December 2023, the average sales price change across different property types shows a favourable trend for sellers, with increases of +59.5%, +76.5%, +68.4%, and +69.4% for detached single-family homes, Bungalows, 2-Story homes, and Row/Town homes respectively.
Bridlewood vs Ottawa
When weighing up Bridlewood against the broader municipality of Ottawa, interesting insights emerge. In December 2023, the average sale price for a detached single-family home in Ottawa was approximately $808,874. This shows a slight premium of +3.7% compared to Bridlewood’s average of $779,975.
Posted Mortgage Rates
As we close the year, the posted mortgage rates as of November 29, 2023, are as follows: 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
The Bridlewood housing market has shown considerable resilience and growth, especially in its long-term performance. While it takes slightly longer to sell properties compared to previous years, overall property prices have experienced an upward trajectory. If you’re looking to step into the Bridlewood real estate market or considering selling properties, a careful review of these trends will help inform your 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!
