Welcome to all Embrun residents and real estate enthusiasts! We’re thrilled to present the latest Embrun 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 Embrun.
Property Prices
The average sale price for a detached single-family home in August 2023 for Embrun has been recorded at $664,000, which reflects a 0.58% increase compared to last year’s price of $660,200 in August 2022.
Days to Sell
The average time on the market in Embrun for August was 144 days, representing an increase of 112 days from August 2022. This indicates that properties in Embrun took longer to sell in August 2023 compared to the previous year.
Compared to 5 years ago in August 2018, the average days to sell was 80, indicating an increase of 64 days. This suggests that properties in Embrun have been staying on the market for a longer period in recent years.
Properties Sold
In August 2023, there were 8 properties sold in Embrun, representing a 33.3% increase compared to August 2022 when there were 6 properties sold. In comparison to August 2018, there was no significant change in the number of properties sold.
Long-Term Market Growth
Over the past 5 years, sale prices for detached single-family homes in Embrun have experienced significant growth. In 2018, the average sale price was $310,537, and in August 2023, it reached $664,000. This represents a substantial growth of 113.82% in property prices for detached single-family homes in Embrun.
When comparing different types of homes, the average sales price change from 2018 to August 2023 shows positive growth across the board. Bungalows experienced an 84.5% increase, 2-Story homes saw a 72.6% increase, and Row/Town homes had a 93.3% increase in sales prices.
Embrun vs Ottawa
Comparing Embrun 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 Ottawa was approximately $753,096. This is 13.4% higher than Embrun’s average single-family home price of $664,000. This comparison highlights the relatively more affordable housing market in Embrun.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for various mortgage terms are as follows: 1-Year term – 7.89%, 3-Year term – 7.04%, and 5-Year term – 6.84%. These rates are subject to change and should be verified with financial institutions.
Conclusion
The Embrun real estate market has shown positive growth in property prices over the past 5 years. Although the average days to sell have increased, the number of properties sold has also seen an upward trend. Embrun offers a relatively more affordable alternative to Ottawa for prospective buyers. It is essential to stay informed about market trends and consult with professionals to make informed decisions in this ever-changing real estate market.
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 to be accurate but may not be guaranteed – we are human after all!
