Stittsville real estate continues demonstrating strong sales activity, despite the listing limitations and the presence of significant new construction activity in the Stittsville and South Kanata areas.
Overall residential unit sales on MLS® through February were up 51.9% (82 sales vs 54), it’s early yet and these are two of the three lowest sales months of the year!
Stittsville North of Hazeldean Rd. (MLS zone 8211) leads the way in units sold, with 38 sales this year vs 15 a year ago. Prices in Stittsville North were also up strongly, with an average selling price of $429,530 up 12% vs 2018.
Kanata, meanwhile, also moved ahead with a 9.7% unit sales increase through February and an average selling price of $473,558, an average increase of 8.2%.
Barrhaven posted a unit sales increase of 16.9% at an average selling price of $465,043 which represented an average selling price increase of 11.1% vs last year at the same time.
For comparison, the total Ottawa area unit sales are up 8% and average selling price is $451,446, (up 5.4%) so the 3 suburban communities noted above are certainly ahead of the overall average thus far this year.
Listing inventory remains extremely low and we have seller’s market conditions. So while this makes selling a home somewhat easier, the buying side can be a real challenge!
We are seeing listings sell faster and though we do not have definitive stats, it would appear it is another year that will feature many “offer dates” in listings and correspondingly, more multiple offers.
Strongest activity and demand is in the $300-$450K price segment which accounts for over 42% of sales.
Builder sales continue to be strong and prices are also advancing. Buyers can expect lineups for new lot releases and diminished sales incentives, as builders continue to record strong sales. Delivery timelines may also be pushed out, as builder resources may be strained in some cases, as they are recording strong sales on top of existing orders for homes under construction or to be built.
Expect to see fewer open houses, (and more cancelled ones) as properly priced homes in the midrange category sell very quickly.
Very fast paced market and probably not one a buyer or seller wants to navigate without a Realtor on board.
Existing homeowners may want to consider a “listing readiness” evaluation, just in case the next “dream home” happens to hit their radar this year. Even if you have no plans to move this year, be aware that prices could rise as much as 7 or 8%, given the current listing inventory shortage. This means the average dream home could be going up as much as $30K-$40,000 this year!
We suggest you contact your Realtor to obtain a market evaluation and listing readiness review done, even if you don’t have immediate plans. Doing so, may help decide on reno’s, updates or repairs that can be researched and completed over the course of 2019. When one finds the dream home, there is no time for any of these activities.
Feel free to give us a call with any real estate question and we would be happy to assist, if you are not already working with another Realtor, You can also find us online at our website, blog and social media sites below.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage 613-435-4692