Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville 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 Stittsville.
Property Prices
The average sale price for a detached single-family home in September 2023 for Stittsville has been recorded at $808,682, reflecting a decrease of 8.57% compared to last year’s price of $884,512 in September 2022. Despite this decline, Stittsville continues to offer great value for home buyers.
Days to Sell
The average time on the market in Stittsville for September was 41 days, representing an increase of 8 days from September 2022. Although properties are taking slightly longer to sell, the market remains active and desirable for homeowners and investors.
Properties Sold
In September 2023, there were 28 properties sold in Stittsville, a decrease of 31.7% from the previous year. However, it is important to note that this decline is also reflected in the broader municipal market of Ottawa. The market may be experiencing a slight cooldown, but opportunities still exist for those looking to buy or sell.
Long-Term Market Growth
Over the past five years, Stittsville has experienced significant market growth. The average sale price for a detached single-family home has increased by a remarkable 171.76%, from $297,569 in 2018 to $808,682 in September 2023. This showcases the strong investment potential in the area.
Stittsville vs Ottawa
When comparing Stittsville to the broader municipality of Ottawa, we find interesting trends. While the average sale price for a detached single-family home in Ottawa was around $769,352 in September 2023, Stittsville boasts a slightly higher average price of $808,682. This indicates that Stittsville continues to perform well and remains an attractive option within the Ottawa housing market.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for various mortgage terms are as follows: 1-Year term: 7.84%, 3-Year term: 7.14%, and 5-Year term: 7.04%. It’s important for buyers to keep these rates in mind when considering their purchasing options.
Conclusion
The Stittsville real estate market in September 2023 showcases a slight decline in property prices and sales compared to the previous year. However, Stittsville remains an attractive location with strong long-term market growth. With its slightly higher average sale price compared to Ottawa, it presents a unique opportunity for both buyers and sellers. As always, it’s important to consult with a real estate professional for personalized advice and guidance based on your specific needs.
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!
