Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick 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 Manotick.
Property Prices
The average sale price for a detached single-family home in January 2024 for Manotick has been recorded at $1,211,000, which reflects -2.39% compared to last year’s price of $1,240,667 for January 2023. This reduction in price suggests a slight cooling off of the real estate market, yet even so, the Manotick market continues to be a strong choice for potential buyers.
Days to Sell
The average time on the market in Manotick for January was 124 days, representing -4 days from last year in January 2023. The average Days to Sell in January 2024 was 124. Compared to 5 years ago in January 2019, the average Days to Sell was 83, a difference of +42 days. This increase in the average days signals that buyers have more choice and more negotiation power in the current market.
Properties Sold
In January 2024 there were 5 properties sold. Last year, in January 2024, there were 4 properties sold, a difference of +25.0%. 5 years ago, in January 2019, there were 2 properties sold, a difference of +150.0% from January 2024. The number of properties being sold is up year over year which showcases a healthy market dynamic.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Manotick have gone from an average of $777,986 in 2019 to the current average sales price of $1,211,000 in January 2024. This reflects an average difference of -9.7% representing an average equity increase of approximately $433,014 for detached single-family homes in Manotick.
To break this down further, the average sales price change for a Bungalow from 2019 to January 2024 is $565,908, a difference of +79.8%. The average sales price change for a 2-Story home from 2019 to January 2024 is $572,083, a difference of +68.1%. The average sales price change for a Row/Town home from 2019 to January 2024 is N/A, a difference of N/A.
Manotick vs Ottawa
Comparing Manotick to the broader municipality of Ottawa, we find fascinating trends emerging. In January 2024 the average sale price for a detached single-family home in the municipality of Ottawa was around $731,193. This is -39.6% compared to Manotick’s average single-family home price of $1,211,000.
Posted Mortgage Rates
As of January 31, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 7.04%, and the 5-Year term is 6.89%. These competitive rates, although increased from previous years, are a contributing factor to the stability and growth in the Manotick real estate market.
Conclusion
The real estate market in Manotick has remained resilient, demonstrating healthy growth over the last five years. While there has been a slight decrease in property prices and an increase in time-to-sell, the market remains robust and attractive to potential buyers.
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!
