Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville 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 Stittsville.
Property Prices
The average sale price for a detached single-family home in August 2023 for Stittsville has been recorded at $973,000, which reflects a 5.05% increase compared to last year’s price of $926,267 in August 2022.
Days to Sell
The average time on the market in Stittsville for August was 47 days, representing an increase of 12 days compared to August 2022.
The average Days to Sell in August 2023 was 47. Compared to 5 years ago in August 2018, the average Days to Sell was 40, a difference of 7 days.
Properties Sold
In August 2023, there were 4 properties sold in Stittsville. Last year, in August 2022, there were 33 properties sold, resulting in a significant decrease of 87.9%. Additionally, there were 44 properties sold in August 2018, demonstrating a decline of 90.9% compared to August 2023.
Long-Term Market Growth
Over the past 5 years, sale prices in Stittsville have experienced substantial growth. The average sale price for a detached single-family home has increased from $461,887 in 2018 to the current average of $973,000 in August 2023. This represents a significant change of 110.66% in property prices for detached single-family homes in Stittsville.
When comparing the average sales price change for different types of homes, we see a positive trend across the board. Bungalows have experienced an average sales price change of $428,834, representing a difference of 95.4%. Similarly, 2-Story homes have seen an average sales price change of $343,699, resulting in a difference of 71.7%. Row/Town homes have also seen growth, with an average sales price change of $304,168, representing an increase of 82.4% from 2018 to August 2023.
Stittsville vs Ottawa
When comparing Stittsville to the broader municipality of Ottawa, interesting trends emerge. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096. This is a decrease of 22.6% compared to Stittsville’s average single-family home price of $973,000. This indicates that Stittsville’s real estate market has seen stronger growth and higher property values than the broader municipality of Ottawa.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for different mortgage terms are as follows: 1-Year term is 7.89%, 3-Year term is 7.04%, and 5-Year term is 6.84%.
Conclusion
In summary, the Stittsville real estate market in August 2023 has shown positive growth in property prices compared to the previous year. While the number of properties sold has decreased significantly, the long-term market growth in Stittsville has been substantial. Additionally, Stittsville continues to outperform the broader municipality of Ottawa in terms of property values. As always, we recommend consulting with a real estate professional for accurate and up-to-date information.
Please note that all real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. While we strive to provide accurate figures, we acknowledge that human error can occur.
