Welcome, Carleton Place Residents, Real Estate enthusiasts, and everyone interested in the local housing market! It is our pleasure to provide you with the latest real estate market report for Carleton Place, October 2023. This comprehensive report provides key statistics to give you a complete breakdown of the unique housing market in this charming town.
Property Prices
Starting with property prices, there is some interesting data to unravel. The average sale price recorded in October for a detached single-family home in Carleton Place stands at a whopping $775,000. This amount showcases a significant increase of 21.09% compared to last October’s price of $640,000.
Days to Sell
When it comes to the Days-To-Sell factor, properties have been staying on the market for a slightly longer period. Compared to last year’s October, the average time on the market has increased by 4 days, making it 45 days on average, which is faster than October 2018’s 51 days average.
Properties Sold
Moving on to properties sold; In October 2023, 11 properties exchanged hands. This is a modest decrease compared to the 12 properties sold in October, the previous year, amounting to -8.3%. However, compared to five years ago, when only 8 properties were sold in October 2018, this is an impressive increase of 37.5%.
Long-Term Market Growth
Long-term market growth in the past five years has been nothing short of phenomenal. The average sale price has jumped from $435,942 in 2018 to $775,000 in October 2023, showing a remarkable improvement of 77.78%. All property types have seen substantial growth, including detached single-family homes, bungalows, 2-story homes, and row/town homes.
Carleton Place vs Ottawa
Comparing the Carleton Place market to Ottawa, we observed interesting trends. Although Ottawa is a broader municipality, the average sale price for a detached single-family home was slightly less, $756,543 than Carleton Place’s at $775,000 (-2.4%) in October 2023.
Posted Mortgage Rates
And a final important piece of the puzzle: current mortgage rates. As of November 1st, 2023, the interest rate for a 1-Year term is 8.09%, a 3-Year term is 7.24%, and a 5-year term is 7.04%.
Conclusion
In conclusion, the real estate market in Carleton Place, October 2023, has been robust and active, with property prices showing continual improvement, properties sold fairly quickly, and overall long-term growth trends that indicate a strong market foundation.
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!
