Hello Stittsville residents and real estate aficionados! We are excited to bring to you the latest update on the Stittsville real estate market for October 2023. This comprehensive report will dish out crucial statistics pertinent to Stittsville’s unique housing market landscape.
Property Prices
Starting with the average sale price for a detached single-family home in October 2023, we saw a figure of $778,300 recorded in Stittsville. This indicates a dip of 15.61% as compared to the price mark of $922,237 recorded for October 2022.
Time to Sell
Let’s glance at the average time properties in Stittsville stayed on the market this October. Hanging around for an average of 36 days before finding a buyer, we saw an increase of 5 days from October 2022. A flashback to five years ago, in October 2018 illustrates only a slight difference, with the average days to sell being 40, only 4 days more than it was in October 2023.
Properties Sold
On the number of properties sold, October 2023 saw a total of 15 transactions in Stittsville. This number reveals a drastic drop of 50.0% compared to October 2022 when 30 properties found new owners. Looking further back, in October 2018, a total of 39 properties were sold, indicating a significant slump of 61.5% over a span of five years.
Long-Term Market Growth
Delving into long-term market growth, we find some striking numbers. Over the past five years, sale prices have ballooned from an average of $511,113 in 2018 to the current average sales price of $778,300 ,in October 2023. This is a whopping rise of $267,187 (+52.28%) in property prices for detached single-family homes.
Stittsville vs Ottawa
In comparison to Ottawa’s real estate landscape, Stittsville reflects intriguing trends. In the broader municipality of Ottawa, the average sale price for a detached single-family home in October 2023 sat around $756,543, which is 2.8% lower than Stittsville’s average of $778,300.
Posted Mortgage Rates
In terms of mortgage rates, the numbers as of November 1, 2023, were 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
While the Stittsville real estate market has witnessed some fluctuations, the long-term growth trajectory highlights a promising and healthy market. This underlines Stittsville’s position as a vibrant housing market within the broader Ottawa municipality.
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!
