Welcome to all Greely residents and real estate enthusiasts! We’re thrilled to present the latest Greely real estate market report for January 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 Greely.
Property Prices
This one’s for all you number-lovers. The average sale price for a detached single-family home in January 2024 for Greely has been recorded at $831,296, which reflects -36.08% compared to last year’s price of $1,300,500 for January 2023.
Days to Sell
Next, let’s discuss the time frame we’re operating within. The average time on the market in Greely for January was 96 days, representing +24 days from last year in January 2023. As we look further back, the average Days to Sell in January 2019 was 67, which shows a difference of +29 days for the same month, five years later.
Properties Sold
Here, we dive into the raw deal- the properties. In January 2024, we had 4 properties sold. In comparison, last year, in January 2023, there were 2 properties sold. Going back to January 2019, we had 12 properties sold, which shows a decrease of -66.7% from January 2024.
Long-Term Market Growth
This section highlights the economics of our beloved Greely. Over the last 5 years, sale prices have escalated from an average of $634,033 in 2019 to the current average sales price of $831,296 in January 2024. This demonstrates an average difference of +31.11% representing an average equity increase of approximately $181,360 for detached single-family homes in Greely. Looking at specific home styles, Bungalows reflect an average sales price change of $202,619, showing a difference of +31.5%, 2-Story homes show a negative difference of -25.4% with a price change of -$169,119, and Row/Town Homes scores the highest price change of $211,410, reflecting a difference of +48.8%.
Greely vs Ottawa
Now, let’s pit Greely against the broader municipality of Ottawa. In January 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $731,193. This is -12.0% compared to Greely’s average single-family home price of $831,296.
Posted Mortgage Rates
Let’s not forget about interest rates – crucial to buyers and sellers alike. As of January 31, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 7.04%, and the 5-Year term is 6.89%.
Conclusion
We hope that this Greely real estate market report for January 2024 has helped keep you well informed and ready to navigate the unique housing market in Greely.
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 – after all, we’re only human!
