Welcome to all Constance Bay residents and real estate enthusiasts! We’re thrilled to present the latest Constance Bay real estate market report for February 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 Constance Bay.
Property Prices
The average sale price for a detached single-family home in February 2024 for Constance Bay has been recorded at $501,500.
Days to Sell
The average time on the market in Constance Bay for February was 10 days. Compared to 5 years ago in February 2019, the average Days to Sell was 91, a difference of -81 days.
Properties Sold
In February 2024 there were 2 properties sold. Last year, in February 2023, there were 0 properties sold. In February 2019, there were 2 properties sold, a difference of 0.0% from February 2024.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Constance Bay have gone from an average of $339,243 in 2019 to the current average sales price of $501,500 in February 2024. This reflects an average difference of -43.8% representing an average equity increase of approximately $162,257 for detached single-family homes in Constance Bay. To break this down further, the average sales price change for a Bungalow from 2019 to February 2024 is $71,818, a difference of +24.9%. The average sales price change for a 2-Story home from 2019 to February 2024 is -$22,250, a difference of -4.7%.
Constance Bay vs Ottawa
Comparing Constance Bay to the broader municipality of Ottawa, we find fascinating trends emerging. In February 2024 the average sale price for a detached single-family home in the municipality of Ottawa was around $705,443. This is +40.7% compared to Constance Bay’s average single-family home price of $501,500.
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 is 6.84%.
Conclusion
The Constance Bay real estate market continues to exhibit strength and resilience, with steady growth in property prices and a remarkably short time on the market. The comparison to the broader Ottawa market highlights Constance Bay’s unique appeal and value proposition for homebuyers. As we move forward, it’s essential to monitor these trends closely to make informed decisions in this dynamic real estate landscape.
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!
