Welcome to all Limoges residents and real estate enthusiasts! We’re thrilled to present the latest Limoges real estate market report for August 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 average sale price for a detached single-family home in August 2023 for Limoges has been recorded at $556,833, which reflects a -19.30% decrease compared to last year’s price of $690,000 in August 2022.
Days to Sell:
The average time on the market in Limoges for August was 54 days, representing an increase of 21 days from August 2022.
The average days to sell in August 2023 was 54. Compared to 5 years ago in August 2018, the average days to sell was 74, showing a decrease of 20 days.
Properties Sold:
In August 2023, there were 6 properties sold in Limoges. Last year, in August 2022, there were 10 properties sold, indicating a 40.0% decrease. Five years ago, in August 2018, there were 7 properties sold, showing a 14.3% decrease from August 2023.
Long-Term Market Growth:
Over the past 5 years, sale prices have seen a significant increase in Limoges. The average sales price for detached single-family homes has gone from $223,327 in 2018 to the current average of $556,833 in August 2023. This represents a change of 149.34% in property prices.
Comparing different property types, the average sale price change for a detached single-family home is $223,327, a difference of 67.0% from 2018. The average sale price change for a bungalow is $230,263, a difference of 71.2%. For a 2-story home, the average sale price change is $306,746, a difference of 94.6%. Lastly, for a row/town home, the average sale price change is $259,955, a difference of 94.1%.
Limoges vs Ottawa:
When comparing Limoges to the broader municipality of Ottawa, fascinating trends emerge. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096, which is 35.2% higher than Limoges’s average single-family home price of $556,833.
Posted Mortgage Rates:
As of September 6, 2023, the interest rates for a 1-year term is 7.89%, the 3-year term is 7.04%, and the 5-year term is 6.84%.
Conclusion:
The Limoges real estate market in August 2023 showed a decrease in average sale prices compared to the previous year. However, when considering long-term market growth, there has been a significant increase in property prices over the past 5 years. Compared to the broader municipality of Ottawa, Limoges presents a more affordable option for homebuyers. It’s important to stay informed about the current state of the market and consider factors such as days to sell and property types to make well-informed decisions.
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!
