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Challenging first quarter for Quinte area real estate

With listings and sales down for another month, real estate in the Quinte area is showing a challenging first quarter for 2018.

Quinte & District Association of Realtors president Natasha Huizinga said the new mortgage rules that came into effect in the new year have impacted all real estate, including local numbers.

“March 2018 shows listings and sales are both down and it will be interesting to see if this trend continues as we head into the spring/summer market,” she said in her monthly report.

March 2018 dollar sales for all property types is $98,885,701, down a substantial 29.6 per cent from 2017, which was $140,473,858.

The monthly dollar sales for residential also shows a sharp 26.5 per cent decline, coming in at $88,167,801 for 2018 compared to $119,937,908 for 2017.

Residential sales in units sold in March were also down significantly in 2018, with 261 units sold compared to 389 units in 2017, reflecting a 32.9 per cent decrease.

Active residential listings are a modest 2.2 per cent above 2017, with 683 current active listings compared to 668 listings a year ago.

The Quinte area inventory of 2.62 continues to be below the national basis of 5.3 months, as reported by The Canadian Real Estate Association (CREA).

“It’s interesting to note that even though the residential inventory remains low, the average sale price for residential listings has increased 9.6 per cent over the same time last year, coming in at $337,808 for 2018 and $308,324 for 2017,” Huizinga said.

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