Greetings, Riverside South residents and real estate aficionados! Delighted to bring to you the latest statistics and trends in the Riverside South real estate market for October 2023. Let’s dive into the important insights reflecting the present standing of our unique housing turf in this report.
Property Prices
The past month of October 2023 saw the average sale price of a detached single-family home in Riverside South at $861,750. This figure shows a modest decline of 1.33% in comparison to last year, with October 2022 fetching an average sale price of $873,333.
Days to Sell
Homes in Riverside South have been observed to stay on the market for an average of 47 days this October—an increment of 13 days from the same time last year. In comparison to the market scenario five years ago, selling homes has marginally slowed down with an increase of 18 days since October 2018.
Properties Sold
The number of properties traded hands this October was 18, displaying a reduction of 35.7% from last October where 28 properties were sold. This contrasts with five years ago when 22 properties were transacted in October 2018, indicating a drop of 18.2% as of October 2023.
Long-Term Market Growth
The past five years have witnessed a significant appreciation in real estate prices in Riverside South. The average sale price of detached single-family homes soared from $582,414 in 2018 to $861,750 in October 2023, marking a remarkable average increase of $279,336.
Riverside South vs Ottawa
When compared to the overall real estate landscape of Ottawa, interesting patterns emerge. This October, the average sale price for detached single-family homes in Ottawa stood at $756,543, trailing Riverside South’s average by 12.2%.
Posted Mortgage Rates
As we step into November 2023, an overview of the interest rates reveals 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
Despite the minor slowdown recently, the Riverside South real estate market has shown great resilience with robust long-term growth. The area continues to command a premium compared to the broader Ottawa 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!
