The typical holiday slow-down is starting to settle in as we approach Christmas, however, low inventory levels continue to provide a competitive seller’s market where prices keep rising. 12 month average selling prices continue to increase but have slowed to a pace that matches the rest of the province; unlike earlier this year where we had almost 20% year-over-year appreciation. The 12-month average selling price for a home in the Quinte Board is $304,146
Real Estate Market Update for December 2017, based on the residential (single family) activity report from QDAR. (Click to view the full infographic)
Unit sales, i.e. the number of single-family homes sold, have been down all year but November was the lowest when comparing to the same months in 2016. The Quinte board had 175 sales, which is 46 fewer sales (or -20.8%) than November 2016.
The numbers in Trenton are the most extreme as unit sales declined 31%. The sales-to-new listing ratio is 93% which means almost every new listing is purchased within the month. New listings are down 44% (almost half!) and the number of listings active at the end of the month was down 35%. Thankfully, Trenton also has the most new home construction and the non-local buyer market has slightly cooled. This should allow the inventory to catch up, at least to the rest of the Board.
The fall market in Prince Edward County was quite different than Quinte West. In the County, there were 49% more active listings at month’s end and a 10% increase in new listings throughout the month. The “months of inventory” is over 6 months, which is quite high, however, the sales-to-new listing ratio still indicates a seller’s market. This combination could imply that there are more listings that aren’t selling (for various individual reasons) and remain on the market for longer than 30 days. However, the County still has the highest average price in the area, by far.
View Market Updates From Previous 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.