The effects of the GTA market cool down are starting to reach the Bay of Quinte but low inventory has kept the real estate market relatively steady. The numbers from July show a more balanced market compared to the past 6 months. In fact, unit sales of single family homes are down 18.9% compared to the previous year. Part of this is due to the normal seasonal cycle but the buyer pool is slightly shrinking since the market correction began in Toronto in June. Last month, the number of residential transactions in Toronto were down 40.4% year-over-year (TREB). However, prices here are still steadily increasing since listings remain scarce across the board. In our board, the 12-month average selling price for a single family home was $296,391, up 15.9% from July 2016.
Real Estate Market Update for August 2017, based on the residential (single family) activity report from QDAR.
In July, Quinte West and The County had a decline in unit sales for the first time in months. The only exception is Belleville, which had a modest increase in unit sales, mostly because the number of active listings in Belleville dropped a whopping 48.6% compared to July 2016. That means the number of available single family homes dropped by almost half!
It may still feel like all the good properties get snatched up, even before the photos are uploaded (sometimes they are!), but there is more balance coming. The months of inventory (MOI) has been increasing rapidly since April, going from 1.7 to 4.1*. However, we expect that it will take several months for the inventory to catch up, especially in Belleville, and will likely remain a seller’s market for the foreseeable future.
*A real estate market is considered “balanced” if the months of inventory is between 4-6 months.
Statistical information presented here is based on data from the monthly residential (single family) activity report issued by the Quinte & District Association of Realtors®. This is for information purposes only.