Warm greetings to all Greely dwellers and property connoisseurs! We are delighted to share with you our detailed report on the exciting real estate market in Greely as of October 2023. With this report, we aim to furnish you with crucial statistics to provide a comprehensive understanding of the unique housing trends in Greely.
Property Prices
The Greely property market has been sizzling, with the average sale price for a detached single-family home soaring to an impressive $1,528,286 in October 2023. This is a significant 35.90% leap from the previous year’s figure of $1,124,591 recorded in October 2022.
Days to Sell
The market velocity has shown a slight decrease with properties in Greely taking longer to sell. The average time on the market noted in October 2023 was 72 days, a surge of 23 days from October of 2022. However, reflecting over a five-year span, we observe a dip of 20 days, with properties in October 2018 taking an average of 92 days to sell.
Properties Sold
A total of nine properties premiered new owners in October 2023, slightly down from the 11 sales in the same month the previous year; a minor drop of 18.2%. However, compared to five years ago where 15 properties were sold in October 2018, we see a pronounced 40.0% decrease.
Long-Term Market Growth
Greely’s real estate market has exhibited substantial long-term growth over the past five years. With the average sale price of a detached single-family home skyrocketing to $1,528,286 in October 2023, an average price increase of $923,732 from 2018.
Greely vs Ottawa
When compared with the broader Ottawa municipality, Greely showcases captivating value trends. The average sale price in Ottawa was only $756,543, nearly half of Greely’s average price for a single-family home at $1,528,286 as of October 2023.
Posted Mortgage Rates
As the real estate market continues to heat up, mortgage rates are also showing an upward trend. As of November 1, 2023, the interest rates stand at 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
Despite minor fluctuations, the real estate market in Greely, Ontario continues to show signs of healthy growth. With rising property values and an average sale price that surpasses Ottawa’s by a substantial margin, investing in Greely’s real estate market seems like a promising opportunity.
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!
