Greetings to all the residents of Metcalfe and real estate aficionados! Presenting to you, the most up-to-the-minute bulletin of Metcalfe’s real estate market for October 2023. We’ll be diving deep into the essential facts and stats that aptly reflect the present-day dynamics of Metcalfe’s inimitable housing market.
Property Prices
Starting off, let’s talk about property prices. For the month of October 2023, the average sales price for a detached single-family home in Metcalfe is $1,312,500.
Time to Sell
In Metcalfe, the typical time spent on the market for October was 19 days. This is moderately longer than the 5-day average from the same period last year in 2022. But, if we venture as far back as 5 years ago in October 2018, we realize a significant drop of 70 days, with the average Days to Sell clocking in at 89.
Properties Sold
In October 2023, 2 properties found their new owners in Metcalfe. This figure remained constant from the previous year, October 2022. Whereas, five years in the past, a total of 5 properties were sold in this month, signaling a -60.0% difference from October 2018.
Long-Term Market Growth
Reflecting upon the long-term progression of the market, in the past 5 years, sales prices have impressively ascended from an average of $443,916 in 2018 to the current average sales price of $1,312,500 in October 2023 – a positive shift of an incredible average increase of $868,584 for detached single-family homes.
Metcalfe vs Ottawa
When we contrast Metcalfe to the broader realm of the municipality of Ottawa, interesting variations unfold. For October 2023, the average sales price for a detached single-family home across Ottawa was lower by -42.4% at $756,543 compared to Metcalfe’s average of $1,312,500.
Posted Mortgage Rates
Lastly, a peek at the prevalent mortgage rates as of November 1, 2023, reveals that the 1-year term stands at 8.09%, the 3-year term is at 7.24%, and the 5-year term stays at 7.04%.
Conclusion
The Metcalfe Real Estate market is showing a vibrant and robust trend, owing to the sharp increase in property prices and relatively short selling times. While there were fewer properties sold compared to five years ago, the market remains dynamic.
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!
