Welcome to all Greely residents and real estate enthusiasts! We’re thrilled to present the latest Greely real estate market report for February 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
The average sale price for a detached single-family home in Greely for February 2024 has been recorded at a whopping $950,000, representing an increase of 12.90% as compared to last year’s price of $841,438 in February 2023.
Days to Sell
It used to be said that “Patience is a virtue”. The average time on the market in Greely for February 2024 was 54 days, representing a slight increase of +4 days from last year’s February 2023. However, this is significantly lower than the average Days to Sell five years ago, in February 2019, which was at 67 days, a difference of -13 days. Looks like slow and steady indeed does win the race!
Properties Sold
Real estate is all about supply and demand. In February 2024 there were 5 properties sold, revealing a significant decrease of 50% in properties sold when compared to both last year’s February 2023 and that of five years ago, in 2019. It seems that the saying of “less is more” might be coming to the fore in the Greely real estate market.
Long-Term Market Growth
Digging into the market trends over the past 5 years, there’s striking news for all homeowners in Greely. Sale prices for detached homes have increased from an average of $649,936 in 2019 to the current average sales price of $950,000 in February 2024. This impressive growth represents an equity increase of approximately $300,064, translating to a +20.5% average difference in price from just 5 years ago!
Breaking this down further, bungalows saw a whopping +49.4% price change, while 2-story homes saw a significant price increase of +36.5%. Row/Town homes were not left behind either, showing a steady price hike of approximately +48.8%.
Greely vs Ottawa
When comparing the dynamics between Greely and the municipal city it is a part of, Ottawa, it is fascinating to observe that Greely is drawing ahead. In February 2024, the average sale price for a detached single-family home in the municipality of Ottawa lagged by -25.7% at $705,443 as compared to Greely’s superior average price of $950,000.
Posted Mortgage Rates
As the steak gets pricier, so does the sizzle! As of February 27, 2024, mortgage rates for a 1-Year term stands at 7.84%, the 3-Year term at 6.99%, and the 5-Year term at 6.84%.
Conclusion
The Greely real estate market continues to show significant growth and resilience, with property prices experiencing notable increases and days to sell remaining relatively stable. Despite a decrease in the number of properties sold, the market remains robust, outperforming neighboring areas like Ottawa. As homeownership in Greely becomes increasingly desirable, it’s crucial for both buyers and sellers to stay informed about market trends and mortgage rates to make well-informed decisions.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. Our search criteria have been carefully curated 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!
