Welcome to all Constance Bay residents and real estate enthusiasts! We’re thrilled to present the latest Constance Bay real estate market report for August 2023. 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 August 2023 for Constance Bay has been recorded at $705,000, which reflects a decrease of 16.40% compared to last year’s price of $843,333 for August 2022.
Days to Sell
The average time on the market in Constance Bay for August was 45 days, representing an increase of 36 days from last year in August 2022.
The average Days to Sell in August 2023 was 45. Compared to 5 years ago in August 2018, the average Days to Sell was 65, a difference of -20 days.
Properties Sold
In August 2023, there were 3 properties sold. Last year, in August 2023, there were also 3 properties sold, showing no change. However, compared to 5 years ago in August 2018, there were 6 properties sold, indicating a decrease of 50.0% from August 2023.
Long-Term Market Growth
In the last 5 years, sale prices have gone from an average of $338,344 in 2018 to the current average sales price of $705,000 in August 2023. This is a significant increase of 108.37% in property prices for detached single-family homes in Constance Bay.
- The average sales price change for a detached single-family home from 2018 to August 2023 is $338,344, a difference of +92.3%.
- The average sales price change for a Bungalow from 2018 to August 2023 is $399,701, a difference of +119.2%.
- The average sales price change for a 2-Story home from 2018 to August 2023 is $324,650, a difference of +66.4%.
- The average sales price change for a Row/Town home from 2018 to August 2023 is N/A.
Constance Bay vs Ottawa
Comparing Constance Bay to the broader municipality of Ottawa, we find fascinating trends emerging. In August 2023, the average sale price for a detached single-family home in the municipality of Ottawa was around $753,096. This is +6.8% compared to Constance Bay’s average single-family home price of $705,000.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for a 1-Year term is 7.89%, the 3-Year term is 7.04%, and the 5-Year term is 6.84%.
Conclusion
The Constance Bay real estate market in August 2023 has seen a decrease in property prices compared to the previous year. However, there is still a significant long-term market growth, with property prices showing a substantial increase over the last 5 years. Time on the market has increased, indicating a potentially more competitive market. When comparing Constance Bay to Ottawa, Constance Bay’s average home prices are slightly lower. As always, it is essential to consult with real estate professionals for the most accurate and up-to-date information.
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!
