Welcome to all Greely residents and real estate enthusiasts! We’re thrilled to present the latest Greely real estate market report for December 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 Greely.
Property Prices
The average sale price for a detached single-family home in Greely for December 2023 has been recorded at $1,025,000. This price reflects an impressive increase of 32.47%, compared to the last year’s price of $773,750 in December 2022 – although this increase can be influenced greatly by the number of homes sold and the types and sizes of those homes.
Days to Sell
For those considering a property sale, the average time on the market in Greely for this December was 131 days. This is an increase of +80 days compared to the same period last year in December 2022. If we roll back the clock to five years ago in December 2018, the average days to sell was just 92, pointing to a significant increase in sales duration of +38 days.
Properties Sold
A total of 3 properties were sold in Greely in December 2023. This figure represents a decrease of 40.0% from the 5 properties sold during the same period last year. Even five years ago, in December 2018, there were 5 properties sold, indicating a steady -40.0% difference from December 2023.
Long-Term Market Growth
From a broader perspective, the last five years have seen a consistent cumulative increase in Greely’s property prices. Sale prices skyrocketed up an average of $420,446 from 2018 to a remarkable $1,025,000 in December 2023. This surge represents a change of +69.5% in property prices for detached single-family homes in Greely. Prices for other property types such as Bungalows, 2-Story homes, and Row/Town homes have also significantly increased, showing a strong bullish trend in Greely’s real estate market.
Greely vs Ottawa
When compared with the broader municipality of Ottawa, some interesting trends emerge. The average sale price for a detached single-family home in Ottawa in December 2023 was around $808,874, which is -21.1% lesser than Greely’s average price of $1,025,000. This differential highlights the strong performance and appeal of Greely’s real estate market.
Posted Mortgage Rates
For those looking to finance their real estate investment, the interest rates as of November 29, 2023, were quite competitive – 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
The market trends indicate a strong and continuously growing real estate market in Greely. Despite a slight decrease in properties sold, the increase in average sale price points towards a market inclined towards sellers. As we move into the New Year, both buyers and sellers can look forward to more opportunities in the Greely 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 accurate but may not be guaranteed – we are human after all!
