Welcome, Findlay Creek residents and real estate enthusiasts! We’re thrilled to bring you the latest Findlay Creek real estate market report for February 2024. In this month’s report, we delve deep into the key statistics that will keep you up-to-date and informed about the current state of the special housing market in Findlay Creek.
Property Prices
The property market in Findlay Creek is favoring sellers as of now. The average sale price for a detached single-family home in February 2024 for the area has hit a new high at $910,643, marking a significant increase of 11.12% as compared to last year’s price of $819,500 for February 2023. This robust price growth underscores the continued demand for properties in the region.
Days to Sell
Although the prices are soaring, homes are staying on the market longer before they are sold. The average time on the market for a home in Findlay Creek for February was 76 days, which is a considerable increase of +42 days from February 2023. When compared to the scenario 5 years ago in February 2019, the average Days to Sell was a swift 26, marking a substantial change of +51 days.
Properties Sold
The market in Findlay Creek has seen a surge in the volume of transactions too. In February 2024, there were 21 properties sold. This shows a healthy increase of +31.3% compared to the 16 properties sold in February 2023. When we compare the numbers to 5 years ago, in February 2019, where there were only ten properties sold, we see a huge difference of +110.0%!
Long-Term Market Growth
The sales price escalation has also led to increased equity for homeowners in Findlay Creek. The last five years have seen sale prices for detached homes rise from an average of $621,084 in 2019 to the current average sales price of $910,643 in February 2024. This steady increase translated to an average equity spike of approximately $289,558 for detached single-family homes in Findlay Creek.
Furthermore, the average sales price change for Bungalows has been +49.0% ($263,775) and for 2-Story homes +48.1% ($244,540). Row/Town homes have also seen a significant price change of +48.7% ($210,702).
Findlay Creek vs Ottawa
Comparing Findlay Creek to the broader municipality of Ottawa brings interesting trends to light. In February 2024, the average sale price for a detached single-family home in Ottawa was around $705,443, considerably lower than Findlay Creek’s average single-family home price of $910,643, showcasing a difference of -22.5%.
Posted Mortgage Rates
Prospective buyers might find it useful to learn that as of February 27, 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 Findlay Creek real estate market continues to exhibit strength and resilience, with property prices reaching new highs and sales volumes increasing. While sellers enjoy favorable conditions, prospective buyers should be prepared for properties staying on the market longer. However, despite the longer selling times, the market remains vibrant, with significant equity gains for homeowners over the past five years. Comparing Findlay Creek to Ottawa reveals interesting disparities, highlighting Findlay Creek’s unique position within the broader real estate landscape. With mortgage rates holding steady, both buyers and sellers have opportunities to capitalize on the current market dynamics.
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!
