Welcome to fellow Vars residents and real estate enthusiasts! This month we’re excited to present the latest Vars real estate market report for December 2023. This report will give you an exciting insight into the key statistics shaping the current state of the unique housing market in Vars.
Property Prices
Let’s first delve into the property prices. The average sale price for a detached single-family home in Vars for December 2023 was recorded at a healthy $712,500. Unfortunately, we can’t make a year-on-year comparison as the data for December 2022 is not available.
Days to Sell
Next, we look at the average time properties spent on the market. In Vars for December 2023, this period was about 52 days. When we look back in time, to five years ago in December 2018, properties sat on the market for a considerably longer period, a whopping 174 days in fact. This indicates that the market has sped up considerably with properties selling over two months quicker now than they did five years ago.
Properties Sold
A crucial indicator of market activity, the number of properties sold, unfortunately, was not available for December 2023. Similarly, data for the number of properties sold in December 2022 and December 2018 was not available either, making it impossible to compare.
Long-Term Market Growth
Looking at the long-term trends, there is some incredibly positive news. From a five-year perspective, sale prices have increased an average of $335,089 from 2018 to $712,500 as of December 2023. This jump signifies a change of +88.8% in property prices of detached single-family homes in Vars. These increased percentages are mirrored in the prices of varying properties, such bungalows and 2-story homes, all showing substantial growth over the past five years.
Vars vs Ottawa
When we compare the housing market of Vars to that of the broader municipality of Ottawa, there are some fascinating observations. The average sale price for a detached single-family home in the larger region of Ottawa was around $808,874 in December 2023. That’s +13.5% more than Vars’ average single-family home price of $712,500.
Posted Mortgage Rates
Let’s not forget about the mortgage rates. As of November 29, 2023, the interest rates for a 1-Year term stood high at 8.09%, the 3-Year term at 7.24%, and the 5-Year term a tad lower at 7.04%.
Conclusion
To conclude, the real estate market in Vars, Ontario has shown substantial growth and rapid sale times in the past five years. While these trends bode well for sellers and reflect a dynamic, fast-moving market, buyers must tread with care due to rising prices.
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!
