Welcome to all Carleton Place residents and real estate enthusiasts! We’re thrilled to present the latest Carleton Place real estate market report for January 2024. 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 Carleton Place.
Property Prices
The average sale price for a detached single-family home in January 2024 for Carleton Place has been recorded at $680,000, which reflects a growth of 4.27% compared to last year’s price of $652,180 for January 2023.
Days to Sell
The average time a property spends on the market in Carleton Place for January was 61 days, representing a decrease of 7 days from last year in January 2023. Comparatively, 5 years ago in January 2019, the average Days to Sell was 43, a difference of +18 days.
Properties Sold
In January 2024 there were 10 properties sold in Carleton Place. This shows a growth of +25.0% from the number of properties sold, eight, in January 2023. However, compared to five years ago, in January 2019, when there were 12 properties sold, it’s actually a decrease of -16.7%.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Carleton Place have risen significantly from an average of $377,612 in 2019 to the current average sales price of $680,000 in January 2024. This represents an average increase of +13.2%, amounting to an equity increase of approximately $302,388 for detached single-family homes in Carleton Place.
To break this down further, the rise in sales prices differs based on property types. For instance, the average sales price change for a Bungalow from 2019 to January 2024 is $17,416 (+4.4%), for a 2-Story home is $134,569 (+35.2%), and for a Row/Town home is $189,510 (+58.3%).
Carleton Place vs Ottawa
Comparing Carleton Place to the broader municipality of Ottawa, we find some intriguing trends. While the average sale price for a detached single-family home in the municipality of Ottawa was around $731,193 in January 2024 (+7.5%), Carleton Place’s average single-family home price was slightly lower at $680,000.
Posted Mortgage Rates
As we rounded out January 31, 2024, the posted mortgage rates were as follows: the interest rate for a 1-Year term was 7.84%, the 3-Year term at 7.04%, and the 5-Year term at 6.89%.
Conclusion
With the continuous growth in property prices, increased sale figures, and steady mortgage rates, the real estate market in Carleton Place continues to be promising for homeowners and investors alike. Keep an eye on these trends and keep exploring the market with our reports.
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!
