STITTSVILLE HOUSING MARKET UPDATE, Q2 2019

Homes sold in Stittsville, Q2 2019

OTTAWA

The average price of a residential-class property in June was $500,700. This is the first time we have ever eclipsed the half-million mark in Ottawa. When I first started in real estate 15 years ago 500k was a big number! People would say half a million like it meant something! Hard to believe it is now just average. Many first time buyers are now buying at this price point. It is just the nature of a really healthy local economy, immigration, and the increasing appeal of our real estate market to investors. Maybe in the next 10 years, 1 million will be just an average number. At this pace, you never know!!

Inventory has been sliding in Ottawa. In June our inventory was down 23% from the same time last year and over 30% from just two years ago. Condo listings were down 50% from 2017. Just the drop in this inventory is enough to put upward pressure on prices. Combine that with growing demand and we are seeing double-digit increases in some neighbourhoods. It is definitely a seller’s market but for the most part, buyers are restraining themselves a little bit. They understand the value, many homes priced on the high side of the market can continue to sit.

STITTSVILLE

Stittsville, in particular, has benefited from this price growth. Much to do with the solid job market. The high-tech sector has been great. Over 30,000 tech jobs in Kanta the headquarters at DND starts to fill up has had many civilian and military staff look at West end suburbs for their real estate needs.

Did you know that the average price of a Stittsville townhouse has gone up over 34% in the past 5 years! Q2 of a real estate market is the most active quarter of the year. This spring has been a swift market for Stittsville, with residential properties selling in 18 days on average. The last time homes sold this quickly in Stittsville was during the first six months of 2010
where the average time to sell was 24 days.

Not only are homes selling more quickly, but their average price also continues to rise. The average price of a row house in Stittsville this past quarter was nearly $414,000. While detached homes sold for $580,000 on average. This represents a 9.7% increase for both categories combined compared to the same period in 2018. (1) Surprisingly enough, with inventory offered for sale down by 10.6% over last year, the number of properties sold was up by nearly 10% for a total of 250 sales. (2)

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HIGHLIGHTS

Homes Sold from April to June 2019 Compared to April to June 2018

  • 250 – all (↑ 9.6%)
  • 163 – detached (↑ 5.8%)
  • 87 – row and semi-detached (↑ 17.6%)

Average Sold Price from April to June 2019 Compared to April to June 2018

  • $521,114 – all (↑ 9.7%)
  • $580,032 – detached (↑ 9.5%)
  • $413,774 – row and semi-detached (↑ 14.6%)

Average Total Days on Market from April to June 2019 Compared to April to June 2018

  • 18.3 – all (↓ 22.5%)
  • 23.3 – detached (↓ 19.5%)
  • 11.3 – row and semi-detached (↓ 12.8%)

Active Listings from April to June 2019 Compared to April to June 2018

  • 56.3 – all (↓ 10.6%)
  • 46.3 – detached (↓ 10.3%)
  • 10 – row and semi-detached (↓ 11.8%)

Average Months of Inventory from April to June 2019 Compared to April to June 2018

  • 1 – all (↔ 0.0%)
  • 1 – detached (↔ 0.0%)
  • 0 – row and semi-detached (↓ 100.0%)

 

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.

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