Welcome to all Constance Bay residents and real estate enthusiasts! We’re thrilled to bring to you the most recent Constance Bay real estate market report for December 2023. In this report, we aim to unravel the key statistics that continue to shape the extraordinary housing market in Constance Bay.
Property Prices
The most recent data for December 2023 indicates that the average sale price for a detached single-family home in Constance Bay was $395,000. This comes as a significant decrease of 50.52% in comparison to the previous year’s average price of $798,250 recorded in December 2022.
Days to Sell
In December 2023, it took an average of 69 days for properties in Constance Bay to sell, reflecting a decrease of 42 days from the previous year in December 2022. When we compare the data from five years ago in December 2018, average Days to Sell were registered at 65, making this a difference of +4 days in December 2023.
Properties Sold
For December 2023, there was only 1 property sold in Constance Bay. This figure was quite different from December 2022 when there were 2 properties sold, indicating a decrease of 50.0%. When we backtrack to 5 years ago, that is, December 2018, there were 1 property sold, showing there has been no difference in the number of properties sold between December 2023 and December 2018.
Long-Term Market Growth
Within the span of the last 5 years, the average price of properties sold has surged from $28,344 in 2018 to an impressive $395,000 in December 2023 – a change of +1293.57%. The average sales price change for different types of homes, from 2018 to December 2023, is as follows – detached single-family home: $28,344 (+7.7%); Bungalow: $59,701 (+17.8%); 2-Story home: $1,110,900 (+227.1%). However, the figures for Row/Townhome remain N/A.
Constance Bay vs Ottawa
Comparing Constance Bay to the broader municipality of Ottawa uncovers some interesting patterns. In December 2023, Ottawa’s average sale price for a detached single-family home was approximately $808,874, higher by +104.8% as compared to Constance Bay’s average rate of $395,000 for a similar property.
Posted Mortgage Rates
As per the records of November 29, 2023, the following interest rates are in effect: 1-Year term is at 8.09%, 3-Year term stands at 7.24%, while the rate for a 5-Year term is 7.04%.
Conclusion
These figures undoubtedly reflect the dynamic nature of the Constance Bay real estate market. With constantly changing trends and relative variability in comparison to wider Ottawa, potential investors would be wise to keep their fingers on the pulse of the market’s heartbeat to facilitate informed decisions.
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!
