Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick real estate market report for April 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 property prices for April 2024 indicate that the average sale price for a detached single-family home in Manotick has been recorded at $1,046,125. While this reflects a -4.42% compared to last year’s price of $1,094,500 for April 2023, it’s still a strong indicator of the market’s overall resilience.
Days to Sell
The average time on the market in Manotick for April was registered at 41 days, representing an increase of +20 days from April 2023. Interestingly, if we compare this to the scenario 5 years ago in April 2019, the difference is -41 days, reiterating the fast-evolving dynamics of the Manotick real estate market.
Properties Sold
April 2024 saw the sale of 16 properties in Manotick. This is a massive increase of +700.0% from last year’s figure in April 2023 when just 2 properties were sold. In contrast, 5 years prior in April 2019, there were only 9 properties sold, a difference of +77.8% from the current number.
Long-Term Market Growth
In the last half-decade, the sale prices for detached homes in Manotick have experienced a substantial increase. From an average of $777,986 in 2019, the current average sales price has risen to $1,046,125 in April 2024. This shift of -7.0% actually represents an average equity increase of approximately $268,139.
To offer you a further breakdown, the average sales price change for a Bungalow from 2019 to April 2024 stands at $386,308, marking a difference of +54.5%. For a 2-Story home, the average sales price change for the same duration shows $172,583, a difference of +20.5%.
Manotick vs Ottawa
As we compare Manotick to the broader municipality of Ottawa, we find that Manotick has been consistently outperforming with higher average sales prices. In April 2024, the average sale price for a detached single-family home in Ottawa was around $926,031, which is -11.5% compared to Manotick’s average single-family home price of $1,046,125.
Posted Mortgage Rates
As of May 1, 2024, the interest rates for a 1-Year term stands at 7.84%, the 3-Year term at 6.99%, and the 5-Year term at 6.84%.
Conclusion
The Manotick real estate market has shown notable resilience and growth despite minor fluctuations in average property prices. With a significant increase in the number of properties sold and a reduction in days to sell over the past five years, Manotick remains a dynamic and competitive market. The substantial long-term growth in home values and the consistent outperforming of the broader Ottawa area further highlight the appeal of investing in Manotick real estate. As we move forward, staying informed about these trends will be crucial for making well-informed buying and selling decisions.
All real estate statistics presented in this blog have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. Our search criteria have been curated to ensure accurate stats for smaller regions of Ottawa. We believe in the accuracy of these figures, but remember, they may not be guaranteed as we are human after all!
