Hello, Osgoode residents and real estate buffs! We’re delighted to bring you the most recent Osgoode real estate market report for December 2023. This comprehensive report takes a deep dive into critical statistics that will bring you up to speed with the current state of the distinctive housing market in Osgoode.
Property Prices
For those considering buying or selling a detached, single-family home in Osgoode, the average sale price for such a property in December 2023 was $763,600. This represents an 8.75% increase compared to December 2022’s average sale price of $702,167.
Days to Sell
The average home in Osgoode hung out on the market for approximately 60 days as of December 2023, which is 11 days less than the same period previous year – December 2022. This average days to sell period also represents a drop of 15 days compared to five years back in December 2018 when homes took on an average of 75 days to sell.
Properties Sold
The Osgoode market saw a total of six property sales in December 2023 demonstrating significant growth from the preceding year when only three properties were sold. This represents an impressive 100.0% increase between 2022 and 2023. Even more impressive, perhaps, is the 200.0% increase in property sales from five years ago, December 2018, when only two properties were sold.
Long-Term Market Growth
Osgoode’s property market has demonstrated substantial long-term growth over the past 5 years. The average sales price rise between 2018 and December 2023 for a detached home, a Bungalow, a 2-Story home, and a Row/Town home were $303,930 (+66.1%), $201,339 (+42.7%), $186,014 (+42.1%), and $214,417 (+87.3%), respectively.
Osgoode vs Ottawa
When comparing Osgoode’s housing market with that of the broader municipality of Ottawa, intriguing patterns emerge. As of December 2023, the average sale price for a detached single-family home in Ottawa was about $808,874, a mildly higher rate by about 5.9% when compared to Osgoode’s average price of $763,600.
Posted Mortgage Rates
Investors and prospective homeowners alike should be aware of the prevailing mortgage rates. As of November 29, 2023, the interest rates for a 1-Year term was 8.09%; the 3-Year term was 7.24%, and the 5-Year term was 7.04%.
Conclusion
As we conclude this market report, we believe Osgoode’s real estate market continues to remain robust, with consistent growth, increased sale volumes and comparative affordability in relation to the broader Ottawa market. As always, prospective buyers or sellers are advised to keep an eye on the market trends regularly for better-informed decisions.
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!
