STITTSVILLE HOUSING MARKET UPDATE, JUNE 2017

In the first half of 2017, I have observed a significant growth in the number of real estate transactions in Stittsville compared to last year.

So far this year, 325 homes have sold compared to 298 in the same period last year. That is an increase of 9.1%. June sales alone are up 9.2% with 71 transactions compared to 65 last June. Year-to-date, the average sale price has also gone up to $454,369 from $428,247. That is a 6.1% increase over the same period in 2016.

In June, 93 new listings were added to Ottawa Real Estate Board’s MLS® System. Of these, 25 were new construction homes. On June 30, there were 106 active listings. Given the 71 firm sales and remaining 16 conditional sales, there is just one month of inventory available. That is close to 30% lower than what was available at this time last year. In fact, year-over-year listings on MLS in Stittsville have been lower than the same month the previous year for 14 consecutive months.

The low inventory is reflected in the average number of days on market, particularly in the row house category. On average, in June, row homes were on the market 28 days before a firm sale, compared to 62 days for a detached home. It is also reflected in the ratio of list price to sale price. Overall, the average list to sale price in June was 98.1%.

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