STITTSVILLE HOUSING MARKET UPDATE, MARCH 2018

Homes Sold in Stittsville March 2018

You may have heard that the Ottawa area is short on homes for sale. To a certain extent that is true. While there may not be the volume of homes for sale that we typically see in March, those homes for sale are selling and selling well.

So far this year, 95 homes sold in the Stittsville area compared to 96 for the same period in 2017[1]. That is a small drop of 1%.

That being said, last month, there were more homes sold than in March 2017, even with fewer listings. There were 57 sales last month, up nearly 12% over March 2017.

The average sale price of homes sold in Stittsville decreased in March by less than 1% over March 2017. Average sale price went from $460,743 in 2017 to $456,760 in 2018. Breaking down sales by detached and row styles show that the average sale price of single detached homes sold in March was $506,326, down 2.3% over the same period in 2017. The average sale price for a row style home was up 15.6% to $357,626.

Looking at total days on market, the homes sold in Stittsville in March had been on the market for an average of 18.7 days, 60.6% fewer days than those sold in March 2017. The average days on market for the detached homes sold in March was 23.1 days while row homes, including semi-detached, sold in 9.7 days. Last year, these numbers were 43.1 and 58.9 days respectively[2].

Finally, a look at the number of active listings in March shows 31.1% less inventory offered on the Ottawa Real Estate Board’s MLS® System[3] than in 2017. There were 73 active listings in March 2018 in Stittsville, split between 57 detached and 16-row homes[4]. Note that the 5-year average in Stittsville for active listings in March is 136 or 46% more listings than were available last month. When compared to sales, however, the 5-year average for sales in March is about 42 homes. With 57 sales in March, that is 36% higher than the 5-year average.

Final conclusion, while homebuyers looking for a resale home in Stittsville have less choice than they have had in the past, the sales of great homes in Stittsville is as strong as ever.

[1] Excludes condominiums and homes on leased land.

[2] Days on market includes all days between the listing date and the firm sale date of the property.

[3] All data courtesy of the Ottawa Real Estate Board MLS® System.

[4] Excludes homes under construction and listed on the Ottawa Real Estate Board MLS® system.

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