Welcome to all Carleton Place residents and real estate enthusiasts! We’re thrilled to present the latest Carleton Place real estate market report for February 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 February 2024 for Carleton Place has been recorded at $597,050, which reflects a 25.43% increase compared to last year’s price of $476,000 for February 2023. The growth in property prices signals a strong and robust market trend.
Days to Sell
The average time on the market in Carleton Place for February was 79 days, representing a 15-day increase from February 2023. Compared to 5 years ago, in February 2019, the average Days to Sell has increased by 36 days. This may suggest the market is becoming more competitive, requiring sellers to more accurately price their homes and consider improvements to attract buyers.
Properties Sold
In February 2024, 19 properties were sold in Carleton Place, a dramatic increase of 111.1% from the number of properties sold the same month the previous year, and a 58.3% increase from five years ago, in February 2019. It’s clear that the demand for properties in Carleton Place is continuously growing.
Long-Term Market Growth
Over the past 5 years, sale prices for detached homes in Carleton Place have risen from an average of $377,612 in 2019 to the current average sales price of $597,050 in February 2024. This represents about $219,438 in equity increase for owners of detached single-family homes in Carleton Place.
We see this trend continuing across the market, with the average sale price of a Bungalow increasing by 43.3%, a 2-Story home by 46.7%, and a Row/Townhome by a whopping 70.9%.
Carleton Place vs Ottawa
When compared to the broader municipality of Ottawa, Carleton Place offers an intriguing alternative. While Ottawa’s average sale price for a detached single-family home in February 2024 was around $705,443, Carleton Place’s average was considerably lower at $597,050. This lower-cost trend in Carleton Place makes it an attractive option for homebuyers seeking affordability without sacrificing the benefits of a lively community.
Posted Mortgage Rates
As of February 27, 2024, the interest rates for mortgage terms are as follows: A 1-Year term is at 7.7%, the 3-Year term is at 6.99%, and the 5-Year term stands at 6.84%. Potential buyers should make note of these rates when considering their purchasing power and financing options.
Conclusion
The real estate market in Carleton Place is experiencing significant growth and demand, as evidenced by the substantial increase in property prices, number of properties sold, and average equity gains for homeowners over the past five years. Despite the increase in average days on the market, Carleton Place remains an attractive option for homebuyers looking for affordability without compromising on community amenities. With mortgage rates holding steady, now is an opportune time for prospective buyers to explore the vibrant housing market in Carleton Place.
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!
