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Real Estate Stats for December 2023

Kars

Date

January
2024

Kars Real Estate Market Report – December 2023

Welcome to all Kars residents and real estate enthusiasts! We’re thrilled to present the latest Kars real estate market report for December 2023. This report is designed to provide a comprehensive view of the current Kars housing market, based on the latest key statistics. If you’re a current homeowner, potential buyer, or merely a real estate enthusiast, this report will help equip you with the necessary market trends in Kars.

Kars Real Estate Market Report for December 2023

Property Prices

Analyzing the tale of figures, the average sale price for a detached single-family home in Kars mirrors signs of depreciation. As of December 2023, the last average property price is recorded at $500,000, reflecting a drop of 22.25% compared to the previous year’s price of $643,100 in December 2022. Although with so few homes being sold in Kars, there is a lot of discrepancy causing a skew in the data for calculating average monthly prices.

Kars Real Estate Market Report for December 2023

Days to Sell

In terms of property turnover, December 2023 ushered in a longer sales duration. The average time on the market was 70 days. This timeframe reveals a significant increase from last December in 2022, when homes typically sold in just 9 days. Interestingly, comparing to five years ago in December 2018, the average days to sell was 85, marking a reduction of -15 days.

Properties Sold

The market activity in terms of properties sold remained consistent in December 2023, with the record showing no properties sold. This figure is comparable with sales data of December 2022 and December 2018, where no properties were sold.

Long-Term Market Growth

Long-term trends demonstrate an unexpectedly sharp increase in property prices in the Kars real estate market. Over the past five years, sale prices have leapt an average of $38,905 from 2018 to the current average sales price of $500,000 in December 2023. This change accounts for only +8.4% in value appreciation in Kars.

Kars Real Estate Market Report for December 2023

Kars vs Ottawa

A comparison between Kars and the broader Ottawa municipality provides rare insight. As of December 2023, the average sale price for a detached single-family home in Ottawa was $808,874. This figure exceeds Kars’s average home price by +61.8%, revealing how Kars’s housing market remains significantly more affordable.

Kars Real Estate Market Report for December 2023

Posted Mortgage Rates

In terms of mortgage rates, as of November 29, 2023, an upward trend was evident. The 1-year term interest rate stood at 8.09%, the 3-year term was 7.24%, and the 5-year term crept up to 7.04%.

Kars Real Estate Market Report for December 2023

Conclusion

In a nutshell, Kars’s real estate market reflects a noticeable reduction in property prices and an elongation in asset turnover timelines compared to the previous year. However, it’s important to highlight the very low long-term property value increase. Kars continues to offer affordable living when juxtaposed with the wider Ottawa municipality.

Kars Real Estate Market Report for December 2023

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!

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