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Increased home listings to help supply/demand ratio

Sales of all property types were down this August over last year, but residential sales saw a healthy increase of 14.8 per cent and a small increase in listings is expected to help buyers.

August 2018 monthly dollar sales for all property types was $88,031,768 – down by 6.5 per cent from 2017, which was $94,169,657. The monthly dollar sales for residential listings came in at $82,583,368 for 2018 compared to $71,926,057 for 2017.

The number of residential sales this August was just one lower over last year, but the average sale price increased 15.3 per cent – coming in at $327,712 for 2018 and $284,293 for 2017.

“The 366 new residential properties listed in August reflected a decrease of 4.9 per cent over the 385 listings that were new in August 2017,” said Natasha Huizinga, president Quinte & District Association of Realtors. “The total active residential listings continues to follow the positive trend that started in March 2018, with 823 compared to 784 listings in 2017, reflecting a five per cent increase.”

Huizinga said numbers show the local market continues to be tight.

“At the end of August 2018, the residential months of inventory for the Quinte area came in at 3.3 months, below the national basis of 5.3 months, as reported for the end of July 2018, by the Canadian Real Estate Association (CREA). “The increased residential listings as noted above will help improve the supply to demand ratio,” she said.

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