Welcome to all Casselman residents and real estate enthusiasts! We’re thrilled to present the latest Casselman real estate market report for January 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 Casselman.
Property Prices
The average sale price for a detached single-family home in January 2024 for Casselman has been recorded at $526,000. Unfortunately, a comparison to last year’s price for January 2023 is not available.
Days to Sell
The average time on the market in Casselman for January was 9 days. However, a comparison to last year for the same month is not computable. The average Days to Sell in January 2024 was 9, which is a substantial decrease when compared to 5 years ago in January 2019, the average Days to Sell was 46, representing a difference of -37 days.
Properties Sold
In January 2024, there were no properties sold in Casselman. The same situation occurred last year, in January 2023, when no properties sold. Indeed, it appears that property sales have dipped drastically since 5 years ago when in January 2019, there was at least 1 property sold, signaling a drop of -100.0% from January 2024.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Casselman have substantially grown. The average price went from $319,571 in 2019 to the present figure of $526,000 in January 2024. This change signifies an average equity increase of approximately $206,429 for detached single-family homes in Casselman. Further, the average sales price change for a Bungalow increased by +66.4%, while 2-Story homes and Row/Town homes grew by +117.1% and +84.8% respectively.
Casselman vs Ottawa
When pitted against the broader municipality of Ottawa, fascinating trends emerge. In January 2024, the average sale price for a detached single-family home in Ottawa was around $731,193, which is considerably higher (+39.0%) compared to Casselman’s average single-family home price of $526,000.
Posted Mortgage Rates
As of January 31, 2024, the posted interest rates are 7.84% for a 1-Year term, 7.04% for a 3-Year term, and 6.89% for a 5-Year term.
Conclusion
The Casselman real estate market continues to exhibit unique dynamics, as evidenced by the key statistics presented in this report for January 2024. Despite a slight decrease in the average days to sell and no properties sold during this period, the long-term market growth reflects a substantial increase in property prices over the past five years.
While Casselman’s average sale price for detached single-family homes remains lower than Ottawa’s, the comparison underscores intriguing trends for both locales. As we navigate the evolving landscape of real estate, it’s essential for residents and enthusiasts alike to stay informed about market fluctuations and emerging opportunities.
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!
