Welcome to all North Gower residents and real estate enthusiasts! We’re thrilled to present the latest North Gower 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 North Gower.
Property Prices
The average sale price for a detached single-family home in September 2023 for North Gower has been recorded at $761,213, which reflects a 16.22% increase compared to last year’s price of $655,000 in September 2022. This significant growth indicates the strong demand and value of homes in North Gower.
Days to Sell
The average time on the market in North Gower for September was 34 days, representing a decrease of 34 days from September 2022. This indicates that homes in North Gower are selling faster than in the previous year. Furthermore, the average Days to Sell in September 2023 was 34, a substantial improvement from 69 days in September 2018, showcasing the increased efficiency and demand in the real estate market.
Properties Sold
In September 2023, there were 3 properties sold in North Gower, compared to only 1 property sold in September 2022. This represents a significant increase of 200.0% in properties sold, indicating a thriving market with a higher number of successful transactions. However, when compared to September 2018, there was a slight decrease of 40.0% in properties sold, which could be attributed to various factors affecting the market at that time.
Long-Term Market Growth
The North Gower real estate market has shown substantial growth over the last 5 years. Sale prices have increased from an average of $301,273 in 2018 to the current average sales price of $761,213 in September 2023. This extraordinary change of +152.67% highlights the strong appreciation in property prices for detached single-family homes in North Gower. Specifically, the average sales price change for a detached single-family home from 2018 to September 2023 is $301,273, reflecting a remarkable growth rate of +65.5%.
When considering specific property types, the average sales price change for a Bungalow from 2018 to September 2023 is $314,887, with an increase of +70.6%. For a 2-Story home, the average sales price change is $96,149, with a growth rate of +19.5%. Unfortunately, there is no available data for the sales price change of Row/Town homes in the specified time period.
North Gower vs Ottawa
Comparing North Gower to the broader municipality of Ottawa reveals fascinating trends. In September 2023, the average sale price for a detached single-family home in Ottawa was approximately $769,352. This shows a slight increase of +1.1% compared to North Gower’s average single-family home price of $761,213. This suggests that North Gower’s real estate market is keeping up with the overall market in 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 essential for potential homebuyers and investors to take these rates into consideration when planning their real estate transactions.
Conclusion
The North Gower real estate market continues to demonstrate positive growth and stability. With average sale prices rising significantly and properties selling at a faster rate compared to previous years, it’s an opportune time for buyers and sellers to participate in this thriving market. As always, it’s important to consult with real estate professionals for 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!
