Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville real estate market report for March 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 average sale price for a detached single-family home in March 2024 for Stittsville has been recorded at $902,871. This reflects a 4.41% increase compared to last year’s price of $864,775 in March 2023.
Days to Sell
The average time it takes to sell a property in Stittsville this March was 37 days. This shows a decrease of 9 days from last year in March 2023, where the average was 46 days. When we look at the broad picture, compared to 5 years ago in March 2019, the average Days to Sell was 26, an increase of 11 days.
Properties Sold
This March 2024, there were 44 properties sold. This reflects a 15.8% increase compared to last year March 2023, when there were 38 properties sold. When we look back 5 years ago, to March 2019, we observe that the number of properties sold has remained the same.
Long-Term Market Growth
From 2019 to 2024, the sale prices for detached homes in Stittsville have seen a significant increase, going from an average of $565,581 in 2019 to the current average sales price of $902,871 in March 2024. This reflects an equity increase of approximately $337,290 for detached single-family homes in Stittsville, showing a positive market growth in the long-term.
The average sales price changes for different property types help us understand this growth better. The average sales price change for a Bungalow from 2019 to March 2024 is $212,367, an increase of 41.0%. Likewise, for a 2-Story home, the change is $298,201, an uptick of 56.1%. The average sales price change for a Row/Town home from 2019 to March 2024 is $195,436, a rise of 46.9%.
Stittsville vs Ottawa
In comparison to the broader municipality of Ottawa, Stittsville’s real estate market presents some intriguing trends to followers. In March 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $814,750. This figure is 9.8% lower than Stittsville’s average single-family home price of $902,871.
Posted Mortgage Rates
As of April 3, 2024, the interest rate for a 1-Year term is 7.84%, the 3-Year term is set at 6.99%, and the 5-Year term is 6.84%. These figures are crucial for making informed buying decisions and anticipating future market trends.
Conclusion
The Stittsville real estate market has shown robust growth and resilience in March 2024, outperforming broader municipal trends in Ottawa. With an average sale price significantly higher than the city’s average and a decrease in the days it takes to sell properties, Stittsville offers a promising landscape for both buyers and investors. Whether you’re looking to sell your property or invest in one, understanding these trends can greatly assist in making informed decisions. Keep an eye on these dynamics as they can indicate the overall health and direction of the real estate market in Stittsville.
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!
