Welcome to all Riverside South residents and real estate enthusiasts! We’re excited to dive into the end-of-year report for the Riverside South real estate market for December 2023, offering a comprehensive look into key statistics that help shape our understanding of this unique housing market.
Property Prices
Let’s get started with property prices. In December 2023, the average selling price of a detached single-family home in Riverside South stood at $1,031,750. This price depicts a growth of 23.19% compared to the figure recorded in December 2022, which was $837,500. It is evident that property prices in the area show an upward trend, reflecting the increasing demand for homes in Riverside South.
Days to Sell
Switching gears to the average time it takes to sell a home. The average home in Riverside South remained on the market for 43 days in December 2023. This signifies a decrease of 18 days compared to December of 2022. However, compared to five years ago (December 2018), when the average time to sell a property was 29 days, we notice an increase of 14 days.
Properties Sold
In terms of properties sold, there were eight properties sold in December 2023. This marks a decrease of 46.7% from December 2022 when 15 properties were sold. Five years ago in December 2018, there were 10 properties sold, which is 20.0% more than in the reported month of December 2023.
Long-Term Market Growth
Over the last five years, Riverside South has experienced robust market growth. The sales price for detached single-family homes rose an average of $449,336 from 2018 to the current average sales price of $1,031,750 in December 2023. That’s an amazing increase of 77.2%! For different home types, we observed a price increase of 77.2% for detached single-family homes, 22.9% for bungalows, 90% for two-story homes, and a 55.6% bump in price for Row/Town homes.
Riverside South vs Ottawa
Comparative analysis offers interesting insights. In the broader Ottawa municipality, the average sale price for a detached single-family home in December 2023 was approximately $808,874, which is 21.6% lower compared to Riverside South’s price of $1,031,750. These numbers highlight that Riverside South’s real estate market is, ostensibly, outperforming the broader Ottawa market.
Posted Mortgage Rates
Mortgage rates also play a crucial role in shaping the real estate market landscape. As of November 29, 2023, the interest rates for different mortgage terms were as follows: 8.09% for a 1-year term, 7.24% for a 3-year term, and 7.04% for a five-year term.
Conclusion
The Riverside South real estate market has shown considerable growth and resilience as illustrated by the increase in property prices, the steady number of properties sold, and competitive rates against Ottawa. For potential investors, homeowners, and property enthusiasts, staying updated with these market trends is vital for informed decision-making.
Please note that all real estate statistics mentioned in this report have been sourced from the Ottawa Real Estate Board’s MLS System’s data. We have tried to offer the most accurate stats for smaller regions of Ottawa. While we strive for accuracy, errors may occur as we are human.
