Welcome to all Osgoode residents and real estate enthusiasts! We’re thrilled to present the latest Osgoode real estate market report for January 2024. This report provides key statistics and insights that will help you stay informed about the current state of the unique housing market in Osgoode.
Property Prices
Diving into the property prices, the average sale price for a detached single-family home in January 2024 for Osgoode has been recorded at $425,000. Interestingly, this reflects a substantial decrease of -45.51% compared to last year’s price of $780,000 for January 2023.
Days to Sell
Taking a look at the average time properties spend on the market in Osgoode, we observed that it took around 84 days for properties to sell in January 2024, down by 1 day from the same period in 2023. This shows a slight, yet, important reduction in the time it took to sell homes on average. When compared against the selling period 5 years ago in January 2019, we can observe a more significant decrease of -7 days.
Properties Sold
The number of properties sold in Osgoode has also shown some fluctuations. In January 2024, only 1 property was sold, matching the same number from January 2023. However, this is found to be significantly lower than the 3 properties sold in January 2019, showing a sharp decline of -66.7%.
Long-Term Market Growth
A review of the long-term market growth over the past 5 years reveals a decline in sale prices for detached homes. Starting from an average sales price of $450,742 in 2019, the prices dropped to an average of $425,000 in January 2024. This represents a decrease of -5.71%. For specific property types, Bungalows and 2-Storey homes show a stable increase, while Row/Town homes are experiencing the fastest growth.
Osgoode vs Ottawa
When we compare the market data of Osgoode with the broader municipality of Ottawa, we uncover intriguing patterns. In January 2024, the average sale price for a detached single-family home in Ottawa was a staggering $731,193. This is +72.0% more than Osgoode’s average price of $425,000 for the same property type.
Posted Mortgage Rates
The closing rates as of January 31, 2024, include a 1-Year term interest rate of 7.84%, 3-Year term rate of 7.04%, and a 5-Year term rate of 6.89%.
Conclusion
In conclusion, the Osgoode real estate market for January 2024 has seen notable changes in property prices, days to sell, properties sold, and long-term market growth. While there has been a significant decrease in the average sale price of detached single-family homes compared to the previous year, there is a slight reduction in the time it takes to sell properties. However, the number of properties sold has decreased significantly, indicating a potential slowdown in the market. Despite these fluctuations, certain property types like Bungalows and 2-Storey homes show stability and growth. When compared to the broader Ottawa municipality, Osgoode maintains a lower average sale price for detached single-family homes. These insights provide valuable information for residents and real estate enthusiasts looking to navigate the dynamic Osgoode housing market.
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!
