Hello Rockland residents, and all those with a vested interest in our vibrant housing market! We’re enthusiastic to share the most recent data and trends shaping the Rockland real estate landscape as of October 2023. Let’s unfold the vital facts and figures that will guide your understanding of our local market.
Property Prices
Price dynamics for properties have been fluctuating. This October, the average sale price for a single-family detached home in Rockland settled at $526,667. This is a -14.46% dip compared to October 2022 when the average cost stood at $615,690.
Time to Sell
Homes in Rockland seem to be selling slightly faster. The average time on the market this October was 35 days, 2 days less than the same period last year. To put this into perspective, the average Days to Sell in Rockland were a staggering 97 days in October 2018. This displays a reduction of 61 days over the span of five years.
Properties Sold
Looking at the number of properties sold, October 2023 witnessed 8 transactions. This marks a decrease of -55.6% when compared to the 18 properties sold in the same month in 2022. Interestingly enough, in October 2018, we noticed 15 properties sold, creating a -46.7% difference from this October.
Long-Term Market Growth
In the long term, Rockland has experienced significant growth in property valuations. Consider this; a detached single-family home with an average price of $322,959 in 2018 skyrocketed to an average of $526,667 in October 2023, representing an average increase of $203,708.
Rockland vs Ottawa
In comparison with Ottawa, the broader municipality, has also unveiled some intriguing findings. For instance, the average sale price for a detached single-family home in Ottawa stood at $756,543 in October 2023, which is +43.6% higher than Rockland’s average price.
Posted Mortgage Rates
In terms of financing, prospective home buyers or those looking to refinance should note the posted mortgage rates as of November 1, 2023. The interest rate for a 1-Year term is 8.09%, the 3-Year term is 7.24%, and the 5-Year term is slightly lower at 7.04%.
Conclusion
While Rockland’s real estate market has slowed in terms of property sales this October, it remains promising due to the notable long-term growth and resilience. The market landscape is ever-changing, and it’s crucial to stay informed and make data-driven 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!
