Welcome to all Merrickville residents and real estate enthusiasts! We’re thrilled to present the latest Merrickville 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 Merrickville.
In the realm of property price patterns, we’ve seen some noteworthy fluctuations. The average sale price for a detached single-family home in Merrickville for December 2023 stood at $350,000. It appears there isn’t available data to compare this with last year’s price.
Days to Sell
Timelines can make a significant difference in real estate deals. The average time spent on the market in Merrickville this December was approximately 37 days. Interestingly, this seems to be a substantial decrease from the average of 113 days noted five years ago in December 2018.
In the past month, Merrickville saw the sale of 1 property, matching the identical number of properties sold during the same period five years ago, in December 2018.
Long-Term Market Growth
Over the last 5 years, Merrickville has experienced an average selling price increase of $31,063 from 2018, we’re currently looking at an average of $350,000 in December 2023. It’s worth noticing how the individual types of properties have also fared differently within this interval. Notably, Bungalows and Row/Town homes in this area have witnessed a more significant upsurge.
Merrickville vs Ottawa
When juxtaposing the real estate atmosphere of Merrickville against the broader municipality of Ottawa, intriguing disparities come to light. The average selling price for a detached single-family house in Ottawa for December 2023 stood at a lofty $808,874, marking a remarkable +131.1% increase compared to Merrickville’s average.
Posted Mortgage Rates
As we close-in on the year’s end, here’s an overview of the interest rates as of November 29, 2023. The interest rates for a 1-Year term stood at 8.09%, with a slight drop for 3-Year and 5-Year terms that were 7.24% and 7.04% respectively.
We hope this report has given you a comprehensive view of the current estate market in Merrickville. Despite some variances, one thing remains constant – the real estate market is dynamic, continually adapting and changing. Whether you’re exploring opportunities to invest, buy or sell, it’s vital to stay informed and adapt with the changing real estate landscape in Merrickville and beyond.
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!