Welcome to all Carleton Place residents and real estate enthusiasts! We’re thrilled to present the latest Carleton Place real estate market report for April 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
In April 2024, the real estate market saw an average sale price for a detached single-family home in Carleton Place recorded at $668,902, an increase of 10.44% compared to last year’s price of $605,662 for April 2023. This indicates a steady and positive growth trend in the market, providing a green signal to both buyers and sellers.
Days to Sell
The time a property spends on the market before being sold is a crucial metric for gauging the liquidity and efficiency of the market. The average time on the market in Carleton Place for April was 45 days, representing +16 days from last year in April 2023, which was 45 days. Compared to 5 years ago in April 2019, the average Days to Sell was 43, a difference of +2 days.
Properties Sold
In terms of transaction volume, there were 23 properties sold in April 2024. Last year, in April 2023, there were 20 properties sold, a difference of +15.0%. A comparison with the 32 properties sold five years ago, in April 2019, shows a decrease of -28.1% from April 2024.
Long-Term Market Growth
Long-term trends highlight the continuous upward trajectory of the market. In the last 5 years, sale prices for detached homes in Carleton Place have surged from an average of $377,612 in 2019 to the current average sales price of $668,902 in April 2024. This reflects an average difference of +1.2%, representing an average equity increase of approximately $291,290 for detached single-family homes in Carleton Place.
Further, the average sales price change for a Bungalow from 2019 to April 2024 is $271,396 (+69.1%), for a 2-Story home is $222,828 (+58.2%) and for a Row/Town home is $226,389 (+69.6%).
Carleton Place vs Ottawa
There is a fascinating trend when we compare Carleton Place’s real estate market to that of Ottawa’s. The average sale price for a detached single-family home in the municipality of Ottawa was around $926,031 in April 2024. This is +38.4% more than the average single-house price in Carleton Place which was $668,902.
Posted Mortgage Rates
As of May 1, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term is 6.84%. These rates will impact the affordability of homes and potential buyers should take these rates into consideration while planning their purchases.
Conclusion
As the April 2024 Carleton Place real estate market report reveals, the area continues to demonstrate a robust growth pattern, making it an attractive option for both investors and homebuyers. With significant increases in property values and a relatively stable selling period, Carleton Place is positioning itself as a notable market compared to its larger neighbor, Ottawa. Whether you’re planning to buy, sell, or simply keep an eye on market trends, understanding these dynamics can significantly influence your real estate decisions. Remember to consider the current mortgage rates as they play a crucial role in the affordability and attractiveness of real estate investments in the area. As we move forward, it will be interesting to see how these trends evolve, potentially offering more opportunities in this vibrant market.
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!
