Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick real estate market report for February 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 February 2024 for Manotick has been recorded at $1,097,083. This price reflects a decrease of 15.45% compared to last year’s price of $1,297,533 for February 2023.
Days to Sell
The average time on the market in Manotick for February 2024 was 58 days, which is a reduction of 25 days from the average time in February 2023. Compared to 5 years ago in February 2019 when the average Days to Sell was 83, the current average represents a decrease of 25 days.
Properties Sold
Last month, 14 properties were sold in Manotick. Comparative analysis shows an astounding increase of +366.7% when compared to the same period last year when only 3 properties sold. Interestingly, the same period 5 years ago in February 2019 also saw 3 properties sold, emphasizing the current jump in sales.
Long-Term Market Growth
In terms of long-term market growth, sale prices for detached homes in Manotick have seen significant growth. From an average of $777,986 in 2019 to the current average sales price of $1,097,083 in February 2024. This growth equates to an increase of about $319,098 in equity for detached single-family homes, despite a difference of -14%. Furthermore, the average bungalow sales price has seen a tremendous growth of +65.9%, and two-story homes have experienced a growth of +25.7% between 2019 and February 2024.
Manotick vs Ottawa
When comparing Manotick’s real estate market with that of the larger Ottawa municipality, some intriguing trends emerge. The average sale price for a detached single-family home in Ottawa for February 2024 was approximately $705,443. In contrast, the average price in Manotick stands at a much higher $1,097,083. This shows that the prices in Manotick are currently -35.7% higher than those in the broader Ottawa region.
Posted Mortgage Rates
In terms of mortgage rates, as of February 27, 2024, the interest rates for a 1-year term stands at 7.84%, for a 3-year term it’s 6.99% and a 5-year term is 6.84%.
Conclusion
The February 2024 Manotick real estate market report paints a dynamic picture of the local housing landscape. Despite a decrease in average sale prices compared to the previous year, the market remains active with a notable surge in properties sold. Long-term trends show significant growth in property values, particularly for detached homes. Additionally, a comparison with Ottawa’s real estate market highlights Manotick’s distinct position with higher average prices. As we move forward, keeping an eye on mortgage rates and market trends will be crucial for both buyers and sellers navigating the Manotick real estate market.
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!
