Welcome to all Osgoode residents and real estate enthusiasts! We’re thrilled to present the latest Osgoode real estate market report for March 2024. 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 Osgoode.
Property Prices
In March 2024, Osgoode’s real estate market exhibited an impressive performance. The average sale price for a detached single-family home has been recorded at $892,600, which reflects a staggering increase of 105.20% compared to last year’s price of $435,000 for the same period. This massive appreciation in real estate price suggests a healthy demand and a positive trend in the residential property market in Osgoode.
Days to Sell
The average time on the market in Osgoode for March 2024 was 44 days, showing an increase of +15 days from last year in March 2023. When compared to March 2019, five years ago, the average Days to Sell was 91, a difference of -47 days. This indicates that homes are going off the market faster than they were five years ago, reflecting a thriving market.
Properties Sold
The number of properties sold in March 2024 also increased significantly. There were 5 properties sold, reflecting an impressive +150.0% difference from last year when only 2 properties were sold in the same period. This data also demonstrated a similar increase compared to the sales in March 2019, recording a difference of +150.0% from March 2024.
Long-Term Market Growth
Over the past five years, Osgoode’s real estate market has displayed steady growth. Sale prices for detached homes have gone from an average of $450,742 in 2019 to its current average sales price of $892,600 in March 2024. This average change in sales prices reflects an average scale back of -5.5%, representing an average equity increase of approximately $441,858 for detached single-family homes,
Breaking down this growth in detail, the average sales price change for a Bungalow from 2019 to March 2024 is a positive $180,286 or a difference of +36.6%. For a 2-Story home, the average price change from 2019 to March 2024 hit a whopping $579,698, a difference of +142.4%. The average sales price change for a Row/Town home from 2019 to March 2024 is $135,000, a difference of +41.5%.
Osgoode vs Ottawa
Comparing Osgoode to the broader municipality of Ottawa, fascinating trends emerge. In March 2024, the average sale price of a single-family home in the Municipality of Ottawa was around $814,750. This price is -8.7% lower compared to Osgoode’s average single-family home price of $892,600 – a fact that certainly places Osgoode ahead in terms of property value.
Posted Mortgage Rates
As of April 3, 2024, the interest rates announced are 7.84% for a 1-Year term, 6.99% for a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
With property prices seeing substantial increases and homes selling faster compared to previous years, it’s clear that Osgoode is a highly desirable area that continues to outpace even the broader Ottawa market in terms of property value. The significant rise in both property sales and prices indicates a robust demand, making it an opportune time for both sellers and buyers to engage with the market. Whether you’re looking to invest or find your dream home, Osgoode’s real estate landscape is proving to be an excellent choice with its steady growth and potential for high returns.
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!
