Welcome to all Carp residents and real estate enthusiasts! We’re thrilled to present the latest Carp real estate market report for August 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 Carp.
Property Prices
The average sale price for a detached single-family home in Carp in August 2023 has been recorded at $482,000, reflecting a decline of 42.36% compared to last year’s price of $836,250 in August 2022.
Days to Sell
The average time on the market in Carp in August was 47 days, which is 24 days longer than August 2022. Compared to five years ago in August 2018 when the average days to sell were 87, there has been a significant improvement, with properties selling faster, at an average of 47 days.
Properties Sold
In August 2023, there were 3 properties sold in Carp. This is a decline of 40.0% compared to August 2022 when 5 properties were sold. However, when comparing to five years ago, in August 2018, there were 3 properties sold, showing stable sales figures.
Long-Term Market Growth
Over the past five years, sale prices for detached single-family homes in Carp have experienced a significant change. From an average of -$104,387 in 2018, the current average sales price in August 2023 stands at $482,000. This represents a remarkable change of -561.74% in property prices.
In terms of average sales price change for different types of homes, there has been a -17.8% change for detached single-family homes, a +29.8% change for bungalows, a +10.2% change for 2-story homes, and a +40.4% change for row/town homes from 2018 to August 2023.
Carp vs Ottawa
When comparing Carp to the broader municipality of Ottawa, an interesting trend emerges. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096, which is +56.2% higher than Carp’s average single-family home price of $482,000. This suggests that Carp offers a more affordable real estate market compared to Ottawa.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for different mortgage terms are as follows: 7.89% for a 1-Year term, 7.04% for a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
This month’s market report showcases the current state of the real estate market in Carp. While property prices have experienced a significant decline compared to last year, Carp remains an attractive option for homebuyers with its more affordable housing market compared to Ottawa. If you’re considering buying or selling a property in Carp, make sure to keep these statistics in mind.
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!
