Welcome to all Limoges residents and real estate enthusiasts! We’re thrilled to present the latest Limoges real estate market report for December 2023. 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 Limoges.
Property Prices
The expectation and interest for homes in Limoges have been growing significantly over the years. The average sale price for a detached single-family home in December 2023 for Limoges has been recorded at $650,000, which reflects a 4.42% increase compared to last year’s price of $622,500 for December 2022. This is showing the steady pickup of Limoges’ housing market.
Days to Sell
Observing the average selling duration, the largely increased demand has led to the stay duration of the market being 70 days in Limoges for December 2023, representing an addition of 18 days from last year in December 2022. However, interestingly, compared to 5 years ago in December 2018, where the average Days to Sell was 74, it’s a difference of a slightly reduced duration of -4 days.
Properties Sold
The real estate transactions in December 2023 counted to 1 property sold. This marks a stark -75.0% difference from last year, where in December 2022 there were 4 properties sold. Rewinding to 5 years ago, in December 2018, there were 1 property sold, a difference of a constant 0.0% from December 2023.
Long-Term Market Growth
Limoges’ long-term market growth shows great potential. In the last 5 years, sale prices have skyrocketed up an average of $316,493 from 2018 to the current average sales price of $650,000 in December 2023, marking an exhilarating change of +105.38% in property prices for detached single-family homes in Limoges. This dramatic surge in property prices affirms Limoges’ market status as a potentially lucrative real estate hotspot as we move into the future.
Limoges vs Ottawa
Contrasting Limoges with the larger municipality of Ottawa, intriguing trends are appearing. In December 2023, the average sale price for a detached single-family home in the municipality of Ottawa stood around $808,874. That’s a notable +24.4% as compared to Limoges’s average single-family home price of $650,000, indicating that while Ottawa leads in city living, Limoges provides an attractive suburban option for home buyers.
Posted Mortgage Rates
Substantiating your real estate decision, the interest rates play an integral part. As of November 29, 2023, the interest rates for different terms were as follows: a 1-Year term attracting 8.09%, the 3-Year term fetching 7.24%, and the 5-Year term commanding 7.04%.
Conclusion
Limoges’ real estate market is showing promising and substantial growth. Whether you’re a home buyer looking for a valuable investment or a seller who wants a profitable sale, understanding the state of the current market in Limoges is essential. With overall prices on the rise and tolerably longer selling times, this could be your time to make a well-informed move.
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!
