The latest market stats look like they’re filled with typos but we can assure you, it’s real!
The number of active listings is sharply declining compared to past years and it’s starting to show. The decline has been taking place for over a year and buyers are starting to catch on. This is the reason why we are seeing many multiple offer scenarios and a steady average price increase. For the Quinte real estate board, active listings were down 35%, or 369 fewer listings than February 2016.
Another significant trend is the influx of new residents relocating to the area from larger urban centres. The increase in buyers combined with the decreasing inventory has caused dramatic increases in both selling prices and sales volume. For example, the unit sales in February were up 72.3%! That’s equivalent to 115 more sales in 2017 than the same period last year.
The sales to new listing ratio is used to indicate how the market is balanced. A high ratio indicates a seller’s market, a low ratio indicates a buyer’s market. Last month, the ratio was 92%, which is extremely high. In other words, for every 10 listings submitted to the MLS, 9 have sold!
All of this activity naturally has an effect on average selling prices. The 12 month average price for Belleville, Quinte West and The County are up 8.9, 12.8, and 14.7 percent respectively. However, for February alone, the average selling price for the entire region was $296,776 which is 33% higher than in 2016. There has probably never been a better time to be a seller of real estate in the Bay of Quinte area.
*Statistical information presented here is based on data from the monthly residential (single family) activity report issued by the Quinte & District Association of Realtors®
View market updates from previous months.