A warm welcome to all our dear Embrun residents and those with a keen interest in real estate affairs! We are delighted to bring you the October 2023 report of the Embrun real estate market. Through this report, we will keep you updated on all the key statistical insights about this unique housing market’s current standing.
Property Prices
The average cost for a free-standing, single-family home in Embrun throughout October 2023 was recorded at $570,833. This average price reflects a decline of about 10% as compared to the average cost in October 2022, which was $634,286 for the same type of house.
Days to Sell
During October 2023, properties in Embrun remained on the market for an average duration of 135 days. When compared to last year in October 2022, properties are taking an additional 97 days on average to sell. If we travel back five years in time and look at the statistics from October 2018, the average Days to Sell were 80, which makes a difference of 56 days compared to today’s average.
Properties Sold
In October 2023, a total of six properties were sold in Embrun. In comparison to October 2022, there was a decrease of around 14.3%, where seven properties were sold. Five years back, in October 2018, 11 properties were sold – indicating a decrease of 45.5% over the past 5 years.
Long-Term Market Growth
Over the last five years, there has been a remarkable increase in the average sales price for a detached single-family home, up approximately $217,370 in value from 2018 to an impressive average of $570,833 in October 2023.
Embrun vs Ottawa
When compared to the broader municipality of Ottawa, the prices in Embrun come across as relatively modest. As of October 2023, the average sale price for a detached single-family home in Ottawa was approximately $756,543, which is around 32.5% higher than Embrun’s average price of $570,833.
Posted Mortgage Rates
As of November 1, 2023, the prevailing interest rates were at 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
The real estate market in Embrun, Ontario, offers intriguing insights and seeing the rapid progress, it certainly makes for a ripe investment ground for prospective buyers and sellers 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!
