Welcome to all Stittsville residents and real estate enthusiasts! We are elated to share with you the latest Stittsville real estate market report for December 2023. This report will focus on the key stats that are essential for anyone looking to keep up-to-date with the current condition of the unique housing market in Stittsville.
Property Prices
The average list price for a single-family detached home in Stittsville in December 2023 was $862,682, an increase of 10.72% compared to December 2022’s average of $779,157. This puts a stamp on how the Stittsville housing landscape has matured over the last year.
Days to Sell
On average, properties in Stittsville spent 48 days on the market in December 2023, an increase of 4 days when compared to December 2022. If we rewind 5 years back to December 2018, the average days to sell were 40, which indicates that it has become slightly lengthier to close a deal, with a difference of +8 days.
Properties Sold
A total of 20 properties were sold in December 2023. In December 2022, the figure stood at 25, indicating a reduction of -20%. When compared to 5 years ago in December 2018, the change is even more significant because 23 properties were sold then, which is -13% less than the number of properties sold in December 2023.
Long-Term Market Growth
Over the past 5 years, sale prices have seen an impressive average increase of $351,568 from 2018 to the current average sales price of $862,682 in December 2023. This marks a surge of +68.8% in property prices for detached single-family homes in Stittsville. The average sales price change for a detached single-family home from 2018 to December 2023 is $351,568 (+68.8%). For a Bungalow, it’s $295,722 (+65.8%), for a 2-Story home, it’s $322,841 (+67.3%). For a Row/Townhome, it’s $234,222 (+63.4%).
Stittsville vs Ottawa
When we compare Stittsville to the larger Ottawa municipality, the averages present an intriguing pattern. In December 2023, the average sale price for a detached single-family home in Ottawa was $808,874, which is around -6.2% compared to Stittsville’s average single-family home price of $862,682.
Posted Mortgage Rates
According to the most recent update as of November 29, 2023, the interest rates for a 1-Year term stood at 8.09%. For a 3-Year term, the rate was 7.24%. And for the 5-Year term, it was 7.04%.
Conclusion
In conclusion, the narrative of Stittsville’s property market is one of fascinating growth and demand. Despite a slightly longer selling period, property prices have shown a significant upward trend with a visible long-term market growth that exceeds that of the broader Ottawa municipality. Buyers and sellers are advised to stay abreast of these market trends for a well-informed and beneficial real estate experience in this area.
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!
