Welcome to all Vars residents and real estate enthusiasts! We’re thrilled to present the latest Vars real estate market report for February 2024. 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 Vars.
Property Prices
The average sale price for a detached single-family home in February 2024 for Vars has been recorded at $300,000, marking a significant drop of -47.36% compared to last year’s price of $569,900 for February 2023.
Days to Sell
The average time on the market in Vars for February was 118 days, representing a substantial increase of +114 days from last year in February 2023. Five years ago in February 2019, the average Days to Sell was 85, showing a difference of +33 days.
Properties Sold
Interestingly, records show that in February 2024 there were no properties sold. Similarly, in February 2023, there were also no properties sold, making a direct comparison impossible. Five years ago, in February 2019, there was 1 property sold, which equates to a worrying difference of -100.0% from February 2024.
Long-Term Market Growth
Over the last 5 years, sale prices for detached homes in Vars have seen significant changes. In 2019 the average price was $398,606, while the average sales price in February 2024 was $300,000. This reflects an average change of -58.7%, representing a decrease in equity of approximately -$98,606 for detached single-family homes in Vars.
Zooming in further, the average sales price change for a Bungalow from 2019 to February 2024 is -$107,167, marking a decrease of -26.3%. Conversely, the average sales price change for a 2-Story home during the same period has shown a considerable increase of $369,880, a difference of +73.2%. There is no data avaliable to compare sales price changes for a Row/Town home from 2019 to February 2024.
Vars vs Ottawa
When comparing Vars to the broader municipality of Ottawa, intriguing trends begin to surface. In February 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $705,443, which is closely +135.1% compared to Vars’s average single-family home price of $300,000.
Posted Mortgage Rates
As of February 27, 2024, the interest rates for a one-year term were logged at 7.84%, the three-year term at 6.99%, and the five-year term at 6.84%.
Conclusion
With significant fluctuations in property prices, days on the market, and sales volume compared to previous years, it’s evident that Vars is experiencing unique challenges and opportunities. While the market may seem uncertain, these insights provide valuable information for both residents and real estate professionals navigating the dynamics of Vars’s real estate 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!
