Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick 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 Manotick.
Property Prices
The average sale price for a detached single-family home in December 2023 for Manotick has been recorded at $1,448,333, which reflects 28.17% compared to last year’s price of $1,130,000 for December 2022. This steady increase in property prices indicates the strong demand for residential homes in the area.
Days to Sell
The average time on the market in Manotick for December was 113 days, representing +51 days from last year in December 2022. Compared to 5 years ago in December 2018, the average Days to Sell was 71, a difference of +41 days. This suggests that despite higher prices, buyers are willing to wait for the right property in this desirable location.
Properties Sold
In December 2023 there were 4 properties sold. Last year, in December 2023, there were 2 properties sold, a difference of +100.0%. This indicates that, within one year period, the selling activity in the area has doubled, suggesting increased interest among buyers.
Long-Term Market Growth
In the last 5 years, sale prices have gone from an average of $699,347 in 2018 to the current average sales price of $1,448,333 in December 2023. The average sales price change for a detached single-family home from 2018 to December 2023 is $699,347, a difference of +93.4%. The property prices for different house types such as Bungalows and 2-Story homes have also witnessed significant growth.
Manotick vs Ottawa
Comparing Manotick to the broader municipality of Ottawa, we find fascinating trends emerging. In December 202, the average sale price for a detached single-family home in the municipality of Ottawa was around $808,874. This is -44.2% compared to Manotick’s average single-family home price of $1,448,333. This data points to Manotick’s prestige as a real estate hotspot when compared to the broader region of Ottawa.
Posted Mortgage Rates
As of November 29, 2023, the interest rates for a 1-Year term is 8.09%, the 3-Year term is 7.24%, and the 5-Year term is 7.04%. These competitive interest rates offer potential buyers a variety of choices when considering mortgages.
Conclusion
The Manotick real estate market proves to be a dynamic and thriving environment with a long-term growth trend. With strong demand for housing, increasing property prices, and favourable mortgage rates, it offers a promising investment opportunity for real estate buyers and investors.
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!
