Welcome to all Greely residents and real estate enthusiasts! We’re thrilled to present the latest Greely real estate market report for September 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 September 2023 for Greely has been recorded at $790,475, which reflects a decrease of 17.43% compared to last year’s price of $957,300 for September 2022. Despite this decrease, Greely’s real estate market remains vibrant, offering a variety of homes at different price points for potential buyers.
Days to Sell
The average time on the market in Greely for September was 47 days, representing a decrease of 18 days from the same period last year in September 2022. This indicates that homes in Greely are selling faster compared to the previous year, showcasing the high demand in the area. When compared to five years ago in September 2018, the average days to sell was 92, demonstrating a significant improvement in market efficiency.
Properties Sold
In September 2023, there were 4 properties sold in Greely. This reflects a decrease of 20.0% compared to the same month last year, where 5 properties were sold. Moreover, when comparing the current numbers to five years ago in September 2018, there has been a notable decline of 63.6% in the number of properties sold. These figures indicate a shift in buyer behavior and market dynamics.
Long-Term Market Growth
Over the past five years, sale prices for detached single-family homes in Greely have experienced substantial growth. The average sales price has risen from $185,921 in 2018 to $790,475 in September 2023, representing an impressive change of 325.17%. This upward trend in property prices highlights the appeal and potential return on investment in the Greely real estate market.
When analyzing the average sales price change for different types of properties, we find that bungalows have seen the greatest increase of 51.6% since 2018, followed by row/town homes with a growth of 56.2%. Two-story homes experienced a more modest increase of 7.6% in average sales price during the same period.
Greely vs Ottawa
Comparing Greely to the broader municipality of Ottawa, we notice fascinating trends emerging. In September 2023, the average sale price for a detached single-family home in Ottawa was approximately $769,352, which is 2.7% lower than Greely’s average of $790,475. This suggests that Greely’s real estate market holds its own and presents competitive opportunities for buyers and investors.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for various mortgage terms in Greely are as follows: a 1-Year term is 7.84%, a 3-Year term is 7.14%, and a 5-Year term is 7.04%. It is important for potential buyers to consider these rates when making financing decisions, as they can impact the affordability and overall cost of homeownership.
Conclusion
In conclusion, the Greely real estate market in September 2023 has experienced a decrease in property prices compared to the previous year. However, this decrease is coupled with a shorter time on the market and strong long-term market growth. Greely remains an attractive location for buyers seeking a variety of property types, all while offering competitive pricing compared to the broader Ottawa municipality. As always, it’s crucial to consult with real estate professionals and consider mortgage rates when navigating the 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!
