Greetings to all Kemptville dwellers and property market enthusiasts! We are delighted to bring forward our rigorous analysis of the Kemptville real estate market for October 2023. Enshrining crucial statistics, this report provides a comprehensive understanding of Kemptville’s distinct housing market to keep our readers well-informed.
Property Prices
The pricing landscape in Kemptville’s property market witnessed a shift in October 2023. Compared to the previous year, the standard sale price for a detached single-family home was recorded at $684,333, displaying a decrement of -10.70% from last October’s price which stood at $766,300.
Days to Sell
The average time a property stays on the market increased to 112 days in October 2023, an elevation of +44 days when juxtaposed with the same window last year. Tracing it back five years to October 2018, this represents an overall increase of +19 days when the average ‘Days to Sell’ was 93.
Properties Sold
In terms of property transactions, October 2023 saw the sale of 3 properties, registering a decrease by 25% from the comparable tenure last year. This represents a substantial difference of -66.7% compared to October 2018 which observed the sale of 9 properties.
Long-Term Growth
A more expansive view of the market reveals exceptional growth in the long-term scenario. The average sale prices have witnessed a staggering surge over the past 5 years. Prices are up an average of $334,452 from 2018 to $684,333 in October 2023. This growth varied across different property types with detached single-family homes witnessing the highest growth.
Kemptville vs Ottawa
When looking at the larger Ottawa municipality, we observe a contrasting scenario. As of October 2023, the median sale price for a detached single-family home in Ottawa was around $756,543, which is +10.6% higher than Kemptville’s.
Posted Mortgage Rates
Turning our attention to the mortgage landscape, as of November 1, 2023, the posted rate for a 1-Year term is 8.09%, for a 3-Year term is 7.24%, and for a 5-Year term it stands at 7.04%.
Conclusion
The Kemptville real estate market in October 2023 points towards an overall slow-down in terms of property sales but a significant appreciation in property prices over the long-term. It continues to be an interesting market, with dynamics that can offer opportunities for both buyers and sellers alike.
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!
Stay tuned for more real estate market insights and trends!
