Area home sales decline, prices steady

While the number of homes sold in the Quinte region are down sharply over last October – the lowest for the month since 2011.

In Prince Edward County, 24 homes sold last month, compared to 50 last October. The average price, however, remained 19 per cent higher here at $827,229 over $692,717 in 2021.

Valerie Miles, President of the Quinte & District Association of Realtors (QDAR) says both buyers and sellers seem to be waiting for the impact of the Bank of Canada’s most recent rate hike to fully take
hold.

“With new listings up and sales down it is reasonable to expect that our region will likely remain in balanced to buyer’s territory until a clear path forward emerges. Although down slightly, both average and MLS benchmark prices have remained relatively flat month-over-month and year-over-year.

“Potential buyers that have been dealing with affordability issues over the past few years are hoping that the recent increase of interest rates will not entirely offset the recent price declines, allowing them to pursue the home that is appropriate for them at a price level they feel comfortable with.”

QDAR reports the benchmark price for single-family homes was $548,100, a minor decrease of 1.9 per cent on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $536,600, a gain of 13.7 per cent compared to a year earlier.

Over the Quinte region, average price of homes sold in October 2022 was $634,549, a minor decrease of 1.9 per cent from October 2021. The more comprehensive year-to-date average price was $694,018, advancing 12.4 per cent from the first 10 months of 2021.

Miles reports the number of new residential listings saw a gain of 17.4 per cent from October 2021 with 465 new in October 2022.

“This was the largest number of new listings added in the month of October in more than a decade,” she said.

QDAR is a not-for-profit association that serves approximately 590 realtors in the Belleville, Quinte
West, Prince Edward, Madoc, Marmora, Stirling, Tweed, Brighton, Trent Hills, Colborne, and Deseronto areas, as well as other adjacent communities.