Welcome to all Embrun residents and real estate enthusiasts! We’re thrilled to present the latest Embrun 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 Embrun.
Property Prices
The average sale price for a detached single-family home in January 2024 for Embrun has been recorded at $617,380. This represents a moderate increase of 1.51% compared to last year’s price of $608,180 for January 2023. This price adjustment does not only signify the property value’s ascent but also presents a promising outlook for potential investors and homeowners.
Days to Sell
In terms of property turnover, the average time on the market in Embrun for January was 102 days. This is a significant increase of 48 days from last year in January 2023. When compared to five years ago in January 2019, where the average Days to Sell was 63, this indicates a steeper difference of 38 days. The current statistics propose a more relaxed market flow with buyers and sellers taking more time in their decision-making process.
Properties Sold
In January 2024, a total of 6 properties were sold in Embrun, which shows a downturn of 25.0% from last year when 8 properties were sold in January 2023. This trend is also apparent when compared to the sales recorded five years ago in January 2019, with an identical percentage decrease of 25.0% from January 2024.
Long-Term Market Growth
The Embrun housing market has shown steady growth over the last five years. The average sale price of detached homes has risen from $402,330 in 2019 to the current $617,380 as of January 2024. This illustrates an average increase of approximately $215,050 in equity for detached single-family homes. To further dissect this, the price change for different housing types from 2019 to January 2024 spans from an impressive 70.4% for Bungalows, 45.5% for a 2-Story home, to a whopping 73.4% for Row/Town homes.
Embrun vs Ottawa
A riveting comparison can be seen when viewing Embrun and the larger municipality of Ottawa side by side. In January 2024, the average sale price for a detached single-family home in Ottawa landed at around $731,193. A noticeable 18.4% higher than the corresponding price in Embrun which was $617,380.
Posted Mortgage Rates
As of the end of the examined month, January 31, 2024, the posted mortgage rates for a 1-Year term stand at 7.84%, for a 3-Year term at 7.04%, and for a 5-Year term at 6.89%.
Conclusion
The Embrun real estate market in January 2024 reflects a steady trajectory of growth, albeit with some fluctuations in property turnover. While property prices have experienced a moderate increase compared to the previous year, the market dynamics suggest a more deliberate approach from both buyers and sellers.
Despite a slight downturn in the number of properties sold, the long-term market growth showcases promising equity gains for homeowners. Moreover, when juxtaposed with Ottawa, Embrun’s real estate market maintains its distinct characteristics and competitive pricing. As interest rates remain stable, the Embrun housing market continues to offer opportunities for investment and homeownership alike.
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!
