Welcome to all Casselman residents and real estate enthusiasts! We’re thrilled to present the latest Casselman real estate market report for December 2023. In this month’s report, we delve into key statistics to provide valuable insights into the current state of the unique housing market in Casselman.
Property Prices
In Casselman, December 2023 saw the average sales price for a detached single-family home sit at $526,000. Unfortunately, we don’t have data to compare this price to December 2022; however, it is clear that property prices are holding steady in this charming community.
Days to Sell
Interestingly, properties in Casselman were on the market for an average of 9 days in December 2023, representing a significantly shorter period compared to December 2018, when it took an average of 120 days to sell. Compared to last year, however, the days on the market increased by +9.
Properties Sold
For December 2023, we have one property sold on record. When we look to the past, we see that no properties were sold in December 2022, making this year’s activity a welcome change. However, comparing this to December 2018, which saw two properties sold, indicates a 50% decrease, showing a slowed turnover.
Long-Term Market Growth
Over the past five years, Casselman has enjoyed significant growth in its real estate market. Here’s how it breaks down: The average sales price for single-family homes has skyrocketed by 126.68%, moving from $232,041 in 2018 to $526,000 in December 2023. Each type of home saw considerable increases too, with detached homes rising by 78.9%, bungalows increasing by 70.3%, two-story homes escalating by an exciting 132.2%, and row/townhomes soaring by 85.3%.
Casselman vs Ottawa
If we contrast Casselman to the broader municipality of Ottawa, we find some intriguing trends. The average sale price for a detached single-family home in Ottawa in December 2023 was $808,874, which is 53.8% higher than Casselman’s average of $526,000. Despite this disparity, Casselman’s smaller size and unique character continue to make it an attractive option for many homebuyers.
Posted Mortgage Rates
The interest rates as of November 29, 2023, indicated an 8.09% rate for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term. These rates play a critical role in purchasing decisions and will be interesting to monitor moving forward.
Conclusion
The data indicates steady growth in Casselman’s real estate market, with property prices seeing considerable increases over the past five years. Although compared to the broader Ottawa region, prices are lower; we believe Casselman’s unique character and community offer their charm to potential buyers. The Casselman housing market is dynamic, presenting numerous opportunities for both buyers and sellers.
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
