Welcome to all Winchester residents and real estate enthusiasts! We’re thrilled to present the latest Winchester real estate market report for January 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 Winchester.
Property Prices
The average sale price for a detached single-family home in January 2024 for Winchester has been recorded at $451,500. Unfortunately, we do not have comparative figures for the previous year, January 2023. This leaves us with no comparison for this period.
Days to Sell
The average time on the market in Winchester for January was 74 days. The same could not be compared to last year’s figure due to unavailability. In comparison with 5 years ago in January 2019, the average Days to Sell was only 63, thereby signifying an increase by 11 days to sell properties in the township.
Properties Sold
In the month of January 2024, Winchester saw a total of 4 properties sold. This is a definite increase over the same frame last year, when no properties were reported sold. Even five years ago, in January 2019, the Winchester market only had 1 property sale, marking a whopping 300.0% increase in sales.
Long-Term Market Growth
Over the last 5 years, sale prices for detached homes in Winchester have drastically increased. The average sale price has climbed from $289,159 in 2019 to $451,500 in January 2024. This indicates a decline of around 2.8% in the year-on-year rate of growth, still representing a large equity increase of approximately $162,341 for detached single-family homes in Winchester.
Breaking it down, the average sales price change for a Bungalow from 2019 to January 2024 is $283,476 (+87.9%). The average sales price change for a 2-Story home in the same period is $269,093 (+100.3%). Lastly, the average sales price change for a Row/Town home is $241,300 (+83.6%).
Winchester vs Ottawa
When comparing Winchester to the broader municipality of Ottawa interesting trends emerge. In January 2024 the average sale price for a detached single-family home in the municipality of Ottawa was around $731,193. This is 61.9% higher than Winchester’s average single-family home price of $451,500.
Posted Mortgage Rates
As of January 31, 2024, the interest rates were fixed at 7.84% for a 1-Year term, 7.04% for a 3-Year term, and 6.89% for a 5-Year term.
Conclusion
The Winchester real estate market has exhibited notable growth and changes over the last few years. Despite the lack of comparative data from previous years, key metrics such as property prices, days to sell, and properties sold indicate a dynamic market. With an increase in both the number of properties sold and the average sale price over the past five years, Winchester remains an attractive option for homebuyers seeking value in comparison to other areas in Ottawa. As interest rates remain relatively stable, Winchester continues to present opportunities for both buyers and sellers alike to navigate a thriving real estate landscape.
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. Although, all figures are believed accurate, they may not be guaranteed – we are human after all!
