Welcome to the North Gower real estate market! In this report, we will provide you with the latest statistics and insights about the housing market in North Gower for the month of August 2023.
Property Prices:
The average sale price for a detached single-family home in North Gower in August 2023 was $685,625. This reflects a decrease of 27.45% compared to the previous year’s price in August 2022, which was $945,000.
Days to Sell:
The average time on the market for properties in North Gower in August 2023 was 49 days. This represents an increase of 26 days compared to August 2022, indicating a slightly slower market.
Properties Sold:
In August 2023, there were no properties sold in North Gower. This is a significant decrease of 100.0% compared to the previous year when 2 properties were sold. In August 2018, 5 properties were sold, showing a significant decline over the past 5 years.
Long-Term Market Growth:
Over the past 5 years, North Gower has experienced remarkable growth in property prices. The average sales price of detached single-family homes has increased from $225,685 in 2018 to $685,625 in August 2023. This represents a change of +203.80% in property prices.
Comparison to Ottawa:
When comparing North Gower to the broader municipality of Ottawa, we find interesting trends. In August 2023, the average sale price for a detached single-family home in Ottawa was approximately $753,096, which is +9.8% higher than the average sale price in North Gower.
Mortgage Rates:
As of September 6, 2023, the posted mortgage rates for North Gower are as follows: 1-Year term at 7.89%, 3-Year term at 7.04%, and 5-Year term at 6.84%. These rates are subject to change and may vary depending on individual circumstances.
Conclusion:
The North Gower real estate market in August 2023 has shown a decrease in property prices and a slower pace of sales compared to the previous year. However, the long-term market growth demonstrates a significant increase in property prices over the past 5 years. When compared to Ottawa, North Gower has a slightly lower average sale price for detached single-family homes.
Please note that these statistics have been obtained from the Ottawa Real Estate Board’s MLS System, and while we have taken great care to ensure accuracy, they may not be guaranteed. If you have any specific questions or would like more detailed information, please reach out to us.
