Welcome to all Kemptville residents and those who have taken a keen interest in real estate! We are excited to bring you the most recent Kemptville real estate market information for December 2023. This report will delve into valuable statistics and offer insight into the current state of the housing market in the charming town of Kemptville.
Property Prices
Property prices can significantly influence both buyers’ and sellers’ decisions. The average sale price for a detached single-family home in Kemptville in December 2023 stood at $676,750, marking a decrease of -30.77% compared to the previous year’s price of $977,500 in December 2022.
Days to Sell
As a potential seller, the time your property may take to sell is undoubtedly a critical aspect to consider. In Kemptville, properties spent an average of 82 days on the market in December 2023, a slight increase of +2 days compared to the same period last year. However, this is an improvement over the average of 93 days recorded five years ago in December 2018.
Properties Sold
Just four properties changed hands in Kemptville in December 2023. This number represents a 100% increase from the same month in the previous year when only two properties were sold. However, compared to five years ago in December 2018 when nine properties were sold, December 2023’s figure witnessed a percentage decrease of -55.6%.
Long-Term Market Growth
It is inspiring to note the tremendous growth the Kemptville real estate market has experienced over the years. Within five years (from 2018 to December 2023), the sale prices for detached single-family homes have seen an average increase of $326,869 from 2018 to the current average sales price of $676,750 for December 2023. It’s evident that not just single-family homes, but bungalows, 2-Story homes, and Row/Town houses have also seen price increments during this period.
Kemptville vs Ottawa
A comparison between Kemptville and the broader municipality of Ottawa for detached single-family homes reveals interesting trends. The average sale price for such a property in Ottawa was approximately $808,874 in December 2023, a +19.5% increase when compared to Kemptville’s average of $676,750.
Posted Mortgage Rates
As of November 29, 2023, the posted mortgage rates for a 1-Year term stood at 8.09%, the 3-Year term at 7.24%, and the 5-Year term at 7.04%.
Conclusion
Now more than ever before, staying informed and updated with the dynamism of the real estate market is essential. The Kemptville market offers considerable opportunities for investors and homebuyers alike. As this market continues to evolve, we are committed to providing up-to-date information and insights.
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!
