Welcome to all Manotick residents and real estate enthusiasts! We’re thrilled to present the latest Manotick real estate market report for September 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 September 2023 for Manotick has been recorded at $1,181,800, reflecting a 51.15% increase compared to last year’s price of $781,889 for September 2022. This significant surge in property prices highlights the growing demand and desirability of homes in Manotick.
Days to Sell
The average time on the market in Manotick for September was 66 days, representing a slight increase of 4 days compared to September 2022. However, when we compare it to the market conditions five years ago in September 2018, we observe a positive trend, as the average days to sell has decreased by 5 days.
Properties Sold
In September 2023, there were 11 properties sold in Manotick, indicating a considerable increase of 175.0% compared to the same period last year, where only 4 properties were sold. However, the number of properties sold in September 2023 was slightly lower by 8.3% compared to September 2018 when 12 properties were sold. This demonstrates the fluctuating nature of the real estate market over time.
Long-Term Market Growth
Over the past five years, sale prices in Manotick have experienced a remarkable increase. In 2018, the average sale price for a detached single-family home was $432,813, while in September 2023, it reached $1,181,800. This represents a substantial change of +173.05% in property prices. Additionally, when we consider specific property types, the average sales price change for a Bungalow increased by 62.9%, a 2-Story home by 42.3%, and a Row/Town home by 86.5%.
Manotick vs Ottawa
Comparing Manotick to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2023, the average sale price for a detached single-family home in Ottawa was approximately $769,352, which is significantly lower by 34.9% compared to Manotick’s average single-family home price of $1,181,800. This disparity suggests that Manotick possesses a unique appeal and premium value in the real estate market.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for mortgage terms in Manotick are as follows: 1-Year term – 7.84%, 3-Year term – 7.14%, and 5-Year term – 7.04%. It’s important for potential buyers to consider these rates when planning to purchase a property in the area.
Conclusion
Manotick’s real estate market continues to thrive with significant increases in property prices and an increased number of properties sold. The demand for homes in Manotick remains high, leading to a competitive market and a favorable environment for sellers. However, it’s crucial for buyers to consider mortgage rates and market trends before making a purchase. As always, we encourage you to seek professional advice when navigating the 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!
