Strong Sellers Market to Continue Well Into 2018
The real estate market is storming into 2018 under similar conditions that were trending in 2017. Low inventory and increased demand have resulted in price increases across the region. The average selling price of a single family residence anywhere in the Quinte area is now well above $300k with The County leading the way at $428,648 (12-month average).
Unit sales are down across the board, following the trend started in 2017 when the inventory levels fell flat and non-local demand surged. However, since new listings are higher than they were a year ago, this trend could also be a result of the newly imposed mortgage restrictions. The “stress test” is now in full effect and now anyone qualifying for a mortgage of any amount must be approved based on the “stress” rate and not the one being offered. Talk to us or your mortgage advisor if you have not heard about this yet.
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.
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