Welcome to all Limoges residents and real estate enthusiasts! We’re thrilled to present the latest Limoges real estate market report for September 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 September 2023 for Limoges has been recorded at $614,000, which reflects a 16.95% increase compared to last year’s price of $525,000 for September 2022. This significant rise in property prices indicates a strong market demand.
Days to Sell
The average time on the market in Limoges for September was 63 days, representing an increase of 48 days from September 2022. However, when compared to the market conditions five years ago in September 2018, the average days to sell has decreased by 10 days. These figures suggest a more active real estate market in Limoges.
Properties Sold
In September 2023, a total of 3 properties were sold in Limoges. This is a decrease of 25.0% compared to the 4 properties sold in September 2022. Furthermore, when compared to September 2018, where 9 properties were sold, there has been a significant decrease of 66.7% in properties sold. These numbers indicate a slight decline in sales activity in recent years.
Long-Term Market Growth
Over the past five years, the sale prices of detached single-family homes in Limoges have experienced considerable growth. The average sales price has jumped from $280,493 in 2018 to the current average of $614,000 in September 2023. This represents an impressive change of +118.90% in property prices for detached single-family homes in Limoges.
Limoges vs Ottawa
Comparing Limoges to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2023, the average sale price for a detached single-family home in Ottawa was around $769,352, which is +25.3% higher than Limoges’s average single-family home price of $614,000. This highlights the potential for more affordable real estate options in Limoges compared to the bustling city of Ottawa.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 7.14%, and the 5-Year term is 7.04%. It’s important to keep an eye on these rates as they can impact the affordability of real estate in the area.
Conclusion
The Limoges real estate market in September 2023 showed significant growth in property prices for detached single-family homes. Despite a slight decline in properties sold, the market remains active with a relatively reasonable average days to sell when compared to previous years. Limoges also offers a more affordable option for homebuyers compared to the larger municipality of Ottawa. As always, it’s essential to keep an eye on the market and consult with a real estate professional for the most accurate and up-to-date information.
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!
