Welcome to all Embrun residents and real estate enthusiasts! We’re thrilled to present the latest Embrun real estate market report for March 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 March 2024 for Embrun has been registered at $681,217. This figure displays a modest growth of 1.42% compared to last year’s price of $671,650 for March 2023. This activity demonstrates a steady, growing interest in Embrun properties.
Days to Sell
The average time on the market in Embrun for March was 102 days. This represents a significant increase of 73 days from last year in March 2023, where the average Days to Sell was 29. However, if we go back 5 years to March 2019, the average Days to Sell was 63, which points to a current market difference of +39 days.
Properties Sold
In March 2024, Embrun saw the sale of 26 properties. Fast forward from last year, in March 2023, when there were 8 properties sold, we see a remarkable increase of +225.0%. Considering the 13 properties sold 5 years ago in March 2019, this percentage shows an impressive jump of +100.0% in March 2024.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Embrun have soared from an average of $402,330 in 2019 to the current average sales price of $681,217 in March 2024. This splendid growth of approximately 1.2% per year represents an average equity increase of approximately $278,887 for detached single-family homes in Embrun.
Further breaking down this data, the average sales price change for a Bungalow from 2019 to March 2024 is $373,608, a difference of +109.8%. For a 2-Story home, the increase is $228,904, a difference of +53.2% and for a Row/Town home, the rise is $215,536, a difference of +65.6%.
Embrun vs Ottawa
Comparing Embrun to the broader municipality of Ottawa, fascinating trends emerge. In March 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $814,750. This represents an increase of +19.6% compared to Embrun’s average single-family home price of $681,217. Indeed, it is worth noting that Embrun is catching up with its big-city neighbour.
Posted Mortgage Rates
As of April 3, 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 Embrun real estate market continues to show promising signs of growth and resilience as we compare March 2024 data with previous years. The steady increase in property prices, combined with a remarkable surge in properties sold, suggests a robust demand and a dynamic market environment. Despite the longer days to sell, the substantial long-term equity gains for homeowners highlight Embrun as an increasingly attractive option for both current residents and potential newcomers. As the Embrun market begins to close the gap with its metropolitan counterpart, Ottawa, it’s clear that now is an opportune time for investors and homebuyers to consider Embrun for their real estate ventures.
All real estate statistics mentioned in this report 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!
