Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick real estate market report for March 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
There’s significant interest surrounding property prices, a key indicator of the market’s health. The average sale price for a detached single-family home in March 2024 for Manotick has been recorded at $1,637,618. Interestingly, this reflects a 1.40% increase compared to last year’s price of $1,615,000 for March 2023. These figures suggest a very stable and upward-trending property market in Manotick.
Days to Sell
In the ever-evolving property market, the average time on the market for your property can offer compelling insights. In Manotick for March 2024, the average days to sell was 32. This is up by 24 days from last March. However, when we look at trends from the past 5 years, the average Days to Sell in March 2019 was 83, this means we see a decrease of 51 days for 2024 – a promising trend for those considering selling their homes.
Properties Sold
The number of properties sold can tell us a lot about market demand. In March 2024, there were 12 properties sold in Manotick. Comparatively, last year in the same month, only 1 property was sold, translating into an increase of 1100.0%. Moreover, when we look back 5 years ago, in March 2019, there were 4 properties sold. This marks a 200.0% increase when compared with March 2024, demonstrating increasing demand for properties in Manotick.
Long-Term Market Growth
An examination of long-term market trends can provide invaluable information. In the last 5 years, sale prices for detached homes in Manotick have risen from an average of $777,986 in 2019 to the current average sales price of $1,637,618 in March 2024. That’s an average difference of -2.0% and presents homeowners an impressive equity increase of approximately $859,633. Delving deeper into these numbers, the average sales price for a Bungalow increased by 73.9%, while 2-Story homes saw a remarkable increase of 157.1%.
Manotick vs Ottawa
In comparison to the broader municipality of Ottawa, Manotick stands out significantly. In March 2024, the average sale price for a detached single-family home in Ottawa was around $814,750. This is considerably lower (-50.2%) than Manotick’s average single-family home price of $1,637,618.
Posted Mortgage Rates
As of April 3, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term is 6.84%. These rates will, inevitably, influence buyer behavior and will be an important factor to consider.
Conclusion
The March 2024 Manotick real estate market report showcases a vibrant and growing market, highlighted by a steady increase in property prices, a swift sales pace, and a remarkable boost in property sales. The contrast with Ottawa’s wider market underscores Manotick’s unique appeal and robust demand for properties in this picturesque locale. As mortgage rates continue to shape buyer decisions, Manotick stands out as a beacon for real estate investment, promising both stability and growth. Whether you’re considering selling, buying, or simply keeping an eye on the market, Manotick offers compelling opportunities in the current real estate landscape.
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!
