Welcome to all Casselman residents and real estate enthusiasts! We’re thrilled to bring forward the latest Casselman real estate market report for February 2024. This month’s report delves 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 Casselman for February 2024 has been recorded at $607,000. This data reflects a certain change when compared to last year’s price for February 2023, the exact figures of which are currently unavailable.
Days to Sell
For February 2024, the average time on the market in Casselman was 80 days, showing a change from last year’s February 2023 where the data is not currently available. To put things into perspective, compared to five years ago in February 2019, the average Days to Sell was 46, marking a difference of +34 days to February 2024.
Properties Sold
In February 2024, there were 2 properties sold in Casselman. This serves as a considerable change from February 2023 when zero properties were sold. Looking back five years, February 2019 saw just one property sold, which indicates a +100.0% difference from February 2024.
Long-Term Market Growth
Over the past five years, Casselman has seen a significant growth in the property market. Sale prices for detached homes have catapulted from an average of $319,571 in 2019 to the current average sales price of $607,000 in February 2024. This reflects a remarkable difference of +6.0%, signalling an average equity increase of approximately $287,429 for detached single-family homes in Casselman.
To break this growth down further, the average sales price change for a Bungalow from 2019 to February 2024 stands at $209,825, giving a difference of +66.4%. 2-Story homes have seen a change of +135.1%, with the average sales price at $404,594 from 2019 to February 2024. Meanwhile, the average sales price change for a Row/Town home is $228,723, indicating a difference of +84.8% from 2019 to February 2024.
Casselman vs Ottawa
When comparing Casselman to the broader municipality of Ottawa, numerous trends begin to emerge. For February 2024, the average sale price for a detached single-family home in Ottawa was around $705,443. Casselman’s average single-family home price stands at $607,000, which is +16.2% lesser than that of Ottawa.
Posted Mortgage Rates
As of February 27, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term rate stands at 6.84%.
Conclusion
The Casselman real estate market continues to show promising signs of growth and resilience. With property prices steadily increasing over the past five years and a notable uptick in the number of properties sold in February 2024 compared to previous years, Casselman remains an attractive destination for homebuyers. Additionally, when compared to Ottawa, Casselman offers relatively more affordable housing options while still providing access to a thriving community and essential amenities. As interest rates remain favorable, now could be an opportune time for both buyers and sellers to consider their options in the Casselman real estate 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 the figures are believed to be accurate but cannot be guaranteed – after all, we are human!
