We are having the best year since 2010 in Ottawa real estate, with unit sales and prices up nicely and listing inventories dropping significantly from some historical highs in 2015.
Overall unit sales are up 10.8% and average prices are up 7.2% to $398,872 across the Ottawa Real Estate Board (OREB)
Builders are reporting an extraordinarily strong year with one report indicating a 44% hike in unit starts and one builder reporting that sales have doubled in the first half of the year!
So how is Stittsville doing?
Stittsville market is keeping pace with overall growth with the exception of areas north of Hazeldean Rd which is fairly flat in both sales growth and price increases.
Desperate need of more listing inventory north of Hazeldean Rd!
MLS® zone 8211
Unit sales are down 7.6% compared to midway in 2016 and average prices are pretty flat with an increase of .5% to $393,237.
Very limited listing inventory may be the cause of relatively fewer sales, for example, this area has only 22 total listings at time of writing and that is barely one month’s worth of sales! So this is a great time to be selling in Stittsville North (Fairwinds, Jackson Trails, Bryanston Gate, Timbermere, Poole Creek) especially.
One would have thought that this should push average prices higher but is not the case thus far. The other two Stittsville zones below have a more reasonable 3 months’ worth of listing inventory, although still much lower than in previous years.
Central Stittsville: (MLS® zone 8202 between Hazeldean Rd. and Abbott St.)
Unit sales are up 25.6% and average prices up 8.2% to $468,745. 55 residential properties currently listed.
South Stittsville: (MLS® zone 8203)
This area is also seeing strong results with unit sales up 21.7% and the average price up 5.8% to $512,666. 50 residential properties currently listed.
With so much new construction in Stittsville and Kanata, the resale market is always competing with builders. This can have an effect on those selling, particularly if the home is less than 5 years old and the builder still offers that particular model for sale.
Builders have been raising prices this year, along with the market overall.
Some streets/neighbourhoods may have resale affected by new construction in adjoining parcels of land, particularly where that development may change the ambience or traffic patterns.
The military invasion continues!
With the migration of DND HQ to DND Carling Campus at Moodie Dr., Stittsville and Kanata continue to be very popular for military families.
If you would like more information on this or any other neighbourhood and are not currently working with another Realtor by all means give us a call 613-435-4692 or check us out at our online co-ordinates below.
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