Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville real estate market report for February 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 Stittsville.
Property Prices
The real estate market in Stittsville continues to witness robust growth. The average sale price for a detached single-family home in February 2024 for Stittsville has been recorded at $914,563, reflecting an impressive increase of 13.38% compared to last year’s price of $806,618 for February 2023.
Days to Sell
As for the average time it takes to sell a property, in Stittsville for February 2024 was, on average, 47 days. This represents a relatively small increase of 5 days from last year in February 2023. If you compare it to 5 years ago in February 2019, the average Days to Sell was 26, a difference of +22 days.
Properties Sold
In terms of transactions, there were a total of 37 properties sold in February 2024, a reassuring increase of 2.8% from the same period in 2023 when 36 properties were sold. However, compared to five years ago in February 2019, there were 46 properties sold, marking a decrease of 19.6%.
Long-Term Market Growth
A look at the long-term trends showcases the consistency of the Stittsville real estate market. In the last five years, sale prices for detached homes have risen from an average of $565,581 in 2019 to a staggering $914,563 in February 2024. This represents an average equity increase of approximately $348,982 for detached single-family homes in Stittsville.
Breaking down this growth by property types, we find that bungalows experienced a price change of $183,516, climbing by 35.4%; two-story homes witnessed an increase of $284,233, an uplift of 53.5%; finally, row/townhomes saw their prices swell by $182,531, a growth of 43.8%.
Stittsville vs Ottawa
When we place these numbers in the context of the broader municipality of Ottawa, we see compelling trends. In February 2024, the average sale price for a detached single-family home in Ottawa was around $705,443. This is lower by 22.9% compared to Stittsville’s average single-family home price of $914,563.
Posted Mortgage Rates
It’s important also to take note of the interest rates if you’re considering purchasing property. As of February 27, 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%.
Conclusion
The Stittsville real estate market continues to demonstrate resilience and growth, with property prices steadily climbing and transaction volumes remaining stable. Despite slight fluctuations in days to sell, the market remains robust, offering promising opportunities for both buyers and sellers alike. As we navigate through the ever-evolving landscape of real estate, staying informed about key market indicators such as property prices, days to sell, and long-term trends is crucial for making informed decisions. Whether you’re a prospective buyer, seller, or simply an enthusiast, keeping abreast of these developments will ensure you’re well-positioned to capitalize on the opportunities presented by the dynamic Stittsville housing 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!
