Welcome to all Kemptville residents and real estate enthusiasts! We’re thrilled to present the latest Kemptville real estate market report for February 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 Kemptville.
Property Prices
The average sale price for a detached single-family home in February 2024 for Kemptville has been recorded at $519,995 reflecting a decrease of 27.20% compared to last year’s price of $714,300 during the same month.
Days to Sell
The average time spent on the market for sellers in Kemptville was 39 days in February 2024. This represented a staggeringly low turn-around period compared to 63 days from last year in February 2023. The average Days to Sell in February 2024 was 39 which is considerably lower compared to 5 years ago in February 2019 when the average was 71, resulting in a difference of 32 days.
Properties Sold
In February 2024, Kemptville recorded 4 property sales. This might seem underwhelming compared to the 7 properties sold in February 2023 which shows a contrast of -42.9%. It’s also seen a downturn from 5 years ago, in February 2019, when there were 6 properties sold, making a difference of 33.3% from February 2024.
Long-Term Market Growth
A review of the past 5 years shows that sale prices for detached homes in Kemptville have increased from an average of $378,345 in 2019 to the current average sales price of $519,995 in February 2024. This reflects an average difference of 8.7%, representing an average equity increase of approximately $141,650 for detached single-family homes in Kemptville.
Diving deeper into the detail, the average sales price change for a Bungalow from 2019 to February 2024 stands at a loss of $99,945, a difference of -25.6%, while the 2-Story home and Row/Town home posted gains of $186,261 and $194,556 respectively – an increase of +53.4% and +63.2%.
Kemptville vs Ottawa
When comparing the figures of Kemptville to the broader municipality of Ottawa, we find fascinating trends emerging. In February 2024, the average from Ottawa’s detached single-family homes was $705,443. This shows a stark difference of +35.7% compared to the average single-family home price in Kemptville at $519,995.
Posted Mortgage Rates
With regards to mortgage rates, the interest rates witnessed as of February 27, 2024 were 7.84% at a 1-Year term, 6.99% with a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
The Kemptville real estate market continues to demonstrate its unique dynamics, as evidenced by the fluctuations in property prices, days to sell, and properties sold. Despite a decrease in the average sale price compared to last year, Kemptville remains an attractive option for homebuyers seeking affordable housing options outside of Ottawa’s bustling real estate scene. The steady growth in property prices over the past five years suggests long-term stability and potential investment opportunities. As mortgage rates fluctuate, it’s essential for both buyers and sellers to stay informed and adapt their strategies accordingly to navigate the evolving market landscape.
All real estate statistics mentioned in this report 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 to be accurate but may not be guaranteed – after all, we are humans!
