Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick real estate market report for August 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 August 2023 for Manotick has been recorded at $1,185,500, which reflects a slight increase of 0.68% compared to last year’s price of $1,177,500 for August 2022.
Days to Sell:
The average time on the market in Manotick for August was 6 days, representing a decrease of 16 days from last year in August 2022. This shows that properties are selling faster than before, indicating a high demand in the market.
Compared to 5 years ago in August 2018, the average Days to Sell has significantly improved. In August 2018, it took an average of 71 days to sell a property in Manotick. This is a significant difference of -65 days, demonstrating the growing competitiveness and efficiency of the Manotick real estate market.
Properties Sold:
In August 2023, there were 2 properties sold in Manotick. This number remained the same as last year, indicating a stable market. However, compared to August 2018, the number of properties sold has decreased by 50%, suggesting a temporary slowdown in the market.
Long-Term Market Growth:
Over the past 5 years, Manotick has experienced remarkable growth in property prices. In 2018, the average sale price for a detached single-family home was $436,513. As of August 2023, the average sale price has more than doubled, reaching $1,185,500. This represents an impressive change of +171.58% in property prices, reflecting the desirability and value of real estate in Manotick.
Additionally, different property types have shown varying price increases. Bungalows have seen the highest growth with an average sales price change of +132.3%. 2-Story homes have also seen a significant increase, with the average sales price change of +71.3%. Even Row/Town homes have experienced a noteworthy change in price, with a +99.5% increase since 2018.
Manotick vs Ottawa:
Comparing Manotick to the broader municipality of Ottawa, it is evident that Manotick’s real estate market stands out. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096. This is -36.5% compared to Manotick’s average single-family home price of $1,185,500. This significant price difference highlights the exclusivity and higher value of properties in Manotick.
Posted Mortgage Rates:
For those looking to finance their real estate endeavors, it is crucial to consider the posted mortgage rates. As of September 6, 2023, the interest rates for a 1-Year term stand at 7.89%, the 3-Year term at 7.04%, and the 5-Year term at 6.84%. It’s important to stay informed about these rates to make informed decisions regarding your mortgage.
Conclusion:
The real estate market in Manotick, Ontario, has shown resilience and growth in August 2023. With an increase in property prices and faster sales, Manotick continues to attract buyers and investors. The long-term market growth is particularly impressive, with substantial price increases across different property types. Additionally, when comparing Manotick to the broader Ottawa municipality, the uniqueness and higher value of properties in Manotick become evident. As always, it’s important to consider mortgage rates and consult with professionals to make the best decisions in this dynamic 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!
