Welcome to all Winchester residents and real estate enthusiasts! We’re thrilled to present the latest Winchester real estate market report for December 2023. 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 Winchester.
Property Prices
In Winchester, the average sale price for a detached single-family home in December 2023 was recorded at $267,077. This reflects a decrease of -42.99% compared to last year’s price of $468,500 for December 2022.
Days to Sell
On the observed trend on the duration required to sell properties, the average time on the market in Winchester for December 2023 was 49 days. A change from last December’s 64 days and notably, a 10-day decrease over December 2018’s 59 days.
Properties Sold
In terms of properties sold, December 2023 saw 1 property changing hands. This represents a -75.0% change in comparison to the 4 properties sold the previous December. Interestingly, five years ago, there were 0 properties sold in December 2018, a measure not term-comparable with December 2023.
Long-Term Market Growth
An overview of the last 5 years shows only slight growth in average property prices. Sale prices for detached single-family homes are up an average of $27,087 from 2018 to the current average sales price of $267,077 in December 2023. Notably, different types of properties have seen different levels of price increase. Bungalows have seen a small decrease of -6.2%, while the average sales price for 2-Story homes and Row/Town homes have jumped by +152.9% and +198.6% respectively.
Winchester vs Ottawa
Looking at the broader picture, comparing Winchester to the municipality of Ottawa unveils fascinating insights. In December 2023, the average sale price for a detached single-family home in the municipality of Ottawa stood at $808,874, significantly outpacing Winchester’s average of $267,077 by +202.9%.
Posted Mortgage Rates
Regarding mortgage rates, as of November 29, 2023, the interest rates for a 1-Year term stands at 8.09%, the 3-Year term at 7.24%, and the 5-Year term at 7.04%.
Conclusion
Despite the fluctuations in December 2023, Winchester’s real estate market has shown strong growth over the last five years. Paired with competitive mortgage rates, this could signal lucrative investment opportunities for aspiring homeowners and property investors alike.
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!
