Welcome fellow Greely residents, real estate enthusiasts, and everyone in between! We are pleased to present our latest real estate market report for March 2024. In this extensive report, we’ve compiled all the crucial statistics about the unique housing market situation in Greely, Ontario. Buckle up as we drill down into the vibrant property landscape of our city.
Property Prices
Examining the housing costs, we observe that the average sale price in March 2024 for a detached single-family home in Greely stands at $827,614. This figure represents a -26.52% decrease compared to last year’s price, which circled around $1,126,273 for March 2023.
Days to Sell
The average time it takes to sell a property in Greely for March stood at 29 days. This particular number signifies a -35 days shift from the same time in the previous year. Comparing it to five years ago, the average Days to Sell was 67 back in March 2019, shedding light on a -39 days decrease.
Properties Sold
Delving into the number of properties sold, March 2024 saw 15 properties changing hands. When we contrast this number with previous years, we realize an increase of +36.4% from last year, where in March 2023, there were 11 properties sold. Even compared to five years ago, in March 2019, there were 12 properties transferred, marking a difference of +25.0% from March 2024.
Long-Term Market Growth
When it comes to long-term market growth, over the last five years, the sale prices for detached homes in Greely have been on a steady increase. The average sale price, which stood at $649,936 in 2019, climbed to $827,614 in March 2024. This exciting growth signals an average difference of -22.4%, representing an average equity increase of approximately $177,678 for detached single-family homes in Greely.
To delve a little deeper into this data, we can see that different property types exhibited varying rates of growth. Bungalows, for instance, saw an increase of +24.2%, accounting for an average price increase of $155,348 from 2019 to 2024. Two-story homes and row/town homes showed even more dramatic growth, posting an average price change of +77.4% ($515,881) and +47.6% ($206,410), respectively.
Greely vs Ottawa
In a comparison with the broader municipality of Ottawa, we can identify some intriguing trends. For example, in March 2024, the average sale price for a detached single-family home in Ottawa was approximately $814,750 – which is -1.6% compared to Greely’s figure of $827,614.
Posted Mortgage Rates
By the start of the second quarter of the year, April 3, 2024, to be exact, a 1-Year term interest rate was set at 7.84%, the 3-Year term at 6.99%, and the 5-Year term at 6.84%.
Conclusion
As we close our comprehensive March 2024 real estate market report for Greely, it’s clear that the local housing landscape is undergoing significant changes. The data points towards a market adjustment with a notable decrease in property prices compared to last year, but with a positive uptick in the number of properties sold. This suggests that while sellers may need to recalibrate their expectations, buyers are finding opportunities in this more accessible market. The long-term growth in property values, especially among different types of homes, reinforces Greely’s attractiveness as a residential area. Compared to Ottawa’s broader market, Greely holds a slightly higher average sale price, indicating its unique appeal within the region. For residents and investors alike, understanding these trends is crucial for making informed decisions. As always, we remain dedicated to providing detailed insights into our local real estate market, helping you navigate these evolving conditions.
The data presented in this post comes from the Ottawa Real Estate Board’s MLS System. It has been carefully curated to provide the most accurate statistics for smaller regions within Ottawa. Although we strive for 100% accuracy, there may still be some errors considering we are only human.
