Area home sales numbers begin to stabilize

While the number of home sales (218) across the Quinte region for November was down almost 25 per cent from last year’s high numbers, “they were right around what we would expect for this time of year,” said Valerie Miles, President of the Quinte & District Association of Realtors.

“While other markets in Ontario and across the country are struggling to adjust to the new environment of higher interest rates and fewer qualified buyers, our local market is in balanced territory and appears to be stabilizing heading into the end of the year,” she adds.

Sales in November for Prince Edward County were down 42.5 per cent over the month in 2021, but average prices remained higher. There were 23 homes sold last month, at an average price of $882,888, compared to 40 sales in 2021 at an average price of $839,378.

Throughout the region, the overall composite benchmark price for single-family homes was $536,500, down by 6.6 per cent on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $531,800, an increase of 11 per cent compared to a year earlier.

The more comprehensive year-to-date average price was $688,149, an increase of 10.9 per cent from the first 11 months of 2021.

The 400 new listings in November was an increase of 29.4 per cent from November 2021. This was the largest number of new listings added in the month of November in more than a decade.

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.