Welcome to all Greely residents and real estate enthusiasts! We’re thrilled to present the latest Greely real estate market report for April 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 April 2024 for Greely has been recorded at $881,000, which reflects a decrease of 16.65% compared to last year’s average price of $1,057,000 for April 2023. While this decrease may initially seem alarming, it must be analyzed with other factors as this decline has more to do with the types of homes being sold (more mid-range and fewer luxury properties sold), than an actual decline in property values.
Days to Sell
The average time on the market in Greely for April was 20 days, representing a decrease in market time by 43 days from last year in April 2023. Compared to 5 years ago in April 2019, when the average Days to Sell was 67, the current selling time has decreased by 47 days. This implies that despite price reductions, houses are selling faster.
Properties Sold
In April 2024 there were 5 properties sold. This stands in stark contrast to April 2023, when there were 10 properties sold, a difference of 50.0%. Furthermore, compared to 5 years ago in April 2019 when there were 16 properties sold, the current number shows a decrease of 68.8%.
Long-Term Market Growth
In spite of recent decreases in property prices and number of properties sold, an examination of the long-term market shows overall growth. In the last five years, sale prices for detached homes in Greely have risen from an average of $649,936 in 2019 to the current average sales price of $881,000 in April 2024. This reflects an average difference of 22.1% representing an average equity increase of approximately $231,064 for detached single-family homes in Greely.
Greely vs Ottawa
Comparing Greely to the broader municipality of Ottawa, we find fascinating trends emerging. In April 2024 the average sale price for a detached single-family home in the municipality of Ottawa was around $926,031. This is 5.1% higher compared to Greely’s average single-family home price of $881,000.
Posted Mortgage Rates
As of May 1, 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%. These rates must be kept in mind for future investments potential, so maintaining regular checks of mortgage rates is beneficial.
Conclusion
In April 2024, Greely’s real estate market presented a mixed yet intriguing picture, marked by slightly decreased average property prices and reduced sales numbers when compared to last year. This is more to do with the types of homes being sold (more mid-range and fewer luxury properties sold), than an actual decline in property values. However the long-term growth remains significant, with an overall appreciation in property values over the past five years, providing an impressive equity boost for homeowners.
Additionally, homes are selling faster, highlighting steady demand. While the local market trails slightly behind Ottawa’s average prices, Greely remains a desirable area for those seeking value in the Ottawa region. Keeping a close watch on mortgage rates will be crucial for future investments.
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!
