Welcome to all Osgoode residents and real estate enthusiasts! We’re thrilled to present the latest Osgoode 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 Osgoode.
Property Prices
The average sale price for a detached single-family home in September 2023 for Osgoode has been recorded at $877,375, which reflects a 12.12% increase compared to last year’s price of $782,500 in September 2022. This significant increase in property prices indicates a strong market demand and potential for appreciation.
Days to Sell
The average time on the market in Osgoode for September was 43 days, representing an increase of 10 days from September 2022. While this may suggest a slightly slower market compared to last year, it is important to note that the average Days to Sell in September 2023 was significantly lower compared to 5 years ago, with a difference of -32 days. This indicates that properties are selling relatively faster in Osgoode than in previous years.
Properties Sold
In September 2023, there were 8 properties sold in Osgoode. This is a notable increase of 100.0% compared to September 2022 when only 4 properties were sold. Furthermore, when compared to September 2018, there was a 60.0% increase in the number of properties sold in September 2023. These figures suggest a thriving real estate market in Osgoode with increased buyer demand.
Long-Term Market Growth
Over the past 5 years, Osgoode has seen exceptional growth in property prices. Sale prices for detached single-family homes in Osgoode have increased by an impressive 110.05% from an average of $417,705 in 2018 to $877,375 in September 2023. This growth indicates a strong and appreciating market, making Osgoode an attractive location for homeowners and investors.
Comparing Osgoode to Ottawa
When comparing Osgoode to the broader municipality of Ottawa, interesting trends emerge. In September 2023, the average sale price for a detached single-family home in Ottawa was around $769,352, which is 12.3% lower than Osgoode’s average single-family home price of $877,375. This data suggests that Osgoode offers a higher value for homeowners, making it an appealing choice for those looking to invest in real estate.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for various mortgage terms in Osgoode are as follows: 1-Year term – 7.84%, 3-Year term – 7.14%, and 5-Year term – 7.04%. These rates serve as a reference for potential buyers and reflect the current lending environment in Osgoode.
Conclusion
The Osgoode real estate market continues to show strength and growth with increasing property prices, shortened days to sell, and a higher number of properties sold compared to previous years. This data indicates a high demand for homes in Osgoode and suggests a positive outlook for the local real estate market. As with any investment, it is crucial to conduct thorough research and consult with real estate professionals before making any 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!
