STITTSVILLE HOUSING MARKET UPDATE, FEBRUARY 2020

STITTSVILLE HOUSING MARKET UPDATE FEBRUARY 2020

Homes sold in Stittsville, February 2020


The real estate market in our community is on fire! In my 15 years as a Realtor, I have never seen a market like it. Over 58% of homes this year are selling for above asking price. The market is B-A-N-A-N-A-S!

The entry-level townhouse continues to be the hottest commodity. Almost everything in this category is selling above asking. In fact on average Stittsville towns are selling for 10% above asking. This is quite the premium buyers are paying right now. Many of the buyers in this segment are investors. That is why we are seeing plenty of rental listings available in the neighbourhood. Once they purchase they list it right away for rent.

This demand has also put serious upward pressure on prices in the townhouse market. In Stittsville, it was up over 18% year over year. Every neighbourhood is different of course. As an example, Blackstone towns are averaging $515,800 this year when compared to $465,000 for a 2 storey townhouse in Fairwinds. If you want an accurate number in your area let me know.

The detached market is actually looking like a bargain compared to the towns. If I owned a townhouse in Stittsville I would definitely be considering moving up to a single. I have never seen a gap so narrow between a row-unit and 2 storey-detached double car garage home. In some neighbourhoods, you can sell your townhouse for $515,000 and upgrade to a much larger single with double garage for only about a 125k premium. It almost doesn’t even make sense. I know this is not feasible for everyone of course but if you can do it, now might be the time. The average price in the detached segment is $645,000.

We are striving to bring as much value to our community as possible. I hope you find this information useful. If you are curious about what your home is worth, feel free to get in touch.

If you are curious about your Stittsville’s home value please fill in this form for a no-obligation market assessment.

Click here to find out what your house is worth

STITTSVILLE HOUSING MARKET UPDATE FEBRUARY 2020

HIGHLIGHTS

STITTSVILLE HOUSING MARKET UPDATE FEBRUARY 2020

Homes Sold in February 2020 compared to February 2019

  • 60 – all (↑ 27.7%)
  • 42 – detached (↑ 61.5%)
  • 18 – row & semi-detached (↓ 14.3%)

Average Sold Price in February 2020 compared to February 2019

  • $590,650 – all (↑ 21%)
  • $645,303 – detached (↑ 13.7%)
  • $463,127 – row & semi-detached (↑ 18.9%)

Average Total Days on Market in February 2020 compared to February 2019

  • 21 – all (↓ 27.6%)
  • 26 – detached (↓ 33.3%)
  • 6 – row & semi-detached (↓ 53.8%)

Active Listings in February 2020 compared to February 2019

  • 32 – all (↓ 34.7%)
  • 24 – detached (↓ 36.8%)
  • 8 – row & semi-detached (↓ 27.3%)

Months of Inventory in February 2020 compared to February 2019

  • 1 – all (↔ 0.0%)
  • 1 – detached (↔ 0.0%)
  • 0 – row & semi-detached (↔ 0.0%)

[1] Excludes condominiums, homes on leased land and homes under construction.

[2] All data courtesy of the Ottawa Real Estate Board MLS® System. The above information is believed to be accurate but not warranted.

MENU