Welcome to all Greely residents and real estate enthusiasts! We’re thrilled to present the latest Greely real estate market report for September 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 September 2024 for Greely has been recorded at $1,107,900, which reflects a significant 40.16% increase compared to last year’s price of $790,475 for September 2023.
Days to Sell
The average time on the market in Greely for September was 142 days, representing an increase of 95 days from last year in September 2023. The average Days to Sell in September 2024 was 142. Compared to 5 years ago in September 2019, the average Days to Sell was 67, a difference of +75 days.
Properties Sold
In September 2024, there were 5 properties sold. Last year, in September 2023, there were 4 properties sold, a difference of +25.0%. Five years ago, in September 2019, there were 15 properties sold, marking a difference of -66.7% from September 2024.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Greely have gone from an average of $649,936 in 2019 to the current average sales price of $1,107,900 in September 2024. This reflects an impressive equity increase of approximately $457,964 for detached single-family homes in Greely.
To break this down further, the average sales price change for a Bungalow from 2019 to September 2024 is $43,286, a difference of +6.7%. The average sales price change for a 2-Story home from 2019 to September 2024 is $1,074,631, a remarkable increase of +161.2%. The average sales price change for a Row/Town home from 2019 to September 2024 is $205,410, a difference of +47.4%.
Greely vs Ottawa
Comparing Greely to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $886,417. This is 20.0% less than Greely’s average single-family home price of $1,107,900.
Posted Mortgage Rates
As of October 9, 2024, the interest rates for a 1-Year term are 7.24%, the 3-Year term is 6.54%, and the 5-Year term is 6.49%.
Conclusion
The real estate market in Greely, Ontario, is showing an interesting combination of increasing property prices and decreasing sales volumes. While the long duration to sell properties suggests a cautious market, the price appreciation indicates strong long-term growth potential. With mortgage rates on the rise, buyers and investors should carefully consider their decisions in the months ahead.
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!
