Greetings, Limoges residents and real estate aficionados! The pulse of our town’s unique housing market is captured in our freshly collated Limoges real estate market report for October 2023. This in-depth analysis highlights the crucial statistics that help measure the market’s current health.
Property Prices
The reported average sale price for a detached single-family home in Limoges for October 2023 stands strikingly at $619,500. This reflects an impressive year-over-year price appreciation of 31.53% from October 2022’s price of $471,000, signaling strong buyer interest and market robustness in our idyllic town.
Time to Sell
The average duration for a house on the market in Limoges was 60 days in October 2023, down 12 days from the previous year. Compared to five years ago, when the average sale time was 74 days, the market has quickened its pace, indicating potentially enhanced interest among buyers.
Properties Sold
Two properties found new owners in October 2023, reflecting a doubling or +100% increase from a single sale in the previous year. Noteworthy, however, is the -80% drop from five years back when ten properties were sold in October 2018.
Long-Term Growth
Reflecting the robust real estate market, the past 5 years have seen the average sale price for detached single-family homes prices increase by $285,993 from 2018 to an impressive $619,500 in October 2023.
Limoges vs. Ottawa
Comparing Limoges’ housing market to Ottawa’s broader municipality, an intriguing trend emerges. The average price for a detached single-family home in Ottawa was $756,543, a +22.1% increase compared to Limoges’ stand at $619,500 in October 2023
Posted Mortgage Rates
Mortgage rates govern affordability. As of November 1, 2023, the interest rates for a 1-Year term was 8.09%, the 3-Year term was at 7.24%, and the 5-Year term stood at 7.04%.
Conclusion
Limoges’s real estate market appears robust and dynamic, showing steady growth backed by substantial long-term appreciation. While only two properties changed hands in October 2023, overall trends suggest an active market with quicker selling times. The pulse of Limoges’s housing market is strongly beating, offering attractive opportunities.
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!
