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Real estate listings remain low but sale prices higher over last year

The local real estate market continued its slow start in 2018 – down 43 per cent over February last year.

Though there are fewer homes for sale, the average sale price for residential listings has increased 11.4 per cent over the same time last year, coming in at $325,191 for 2018 and $291,837 for 2017.

Quinte & District Real Estate Association of Realtors President Natasha Huizinga said February’s numbers across the board continue to reflect the slow start of 2018, and again show how strong 2017 was, for local real estate.

“The new mortgage ‘stress test’ that came into effect January 2018 seems to have been a contributing factor in the local higher-than-usual sales for the closing months of 2017 and may still be a factor for people considering entering the real estate market,” she said. “The busy spring period typically shows an increase in real estate activity and it will be interesting to see if this trend holds true, for 2018.”

The February 2018 monthly dollar sales for all property types came in at $55,036,600, down a substantial 43.6 per cent from 2017, which was $97,592,435.

Residential sales in units sold in February were also down significantly in 2018, with 140 units sold compared to 299 units in 2017, reflecting a 53.2 per cent decrease.

Active residential listings are 4.6 per cent below 2017, with 537 current active listings compared to 563 listings a year ago.

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