Average sale price of homes in PEC hits more than $1 million

The average sale price of homes in Prince Edward County was $1,036,344 in April 2022 which is 39.6 per cent higher than sales in April last year. This despite fewer homes sold – 48 last month compared to 65 in 2021 during April.

The Quinte & District Association of Realtors’ (QDAR) monthly home sales report, however, notes April showed signs of the market in the region moderating.

Throughout the Quinte region, the average price of homes sold in April 2022 was $761,346, up by 24.1 per cent from April 2021. The more comprehensive year-to-date average price was $758,321, an increase of 25.9 per cent from the first four months of 2021.

“Sales activity came in well below last April’s levels, although last April was the highest on record for the month by a mile,” said Valerie Miles, QDAR President. “New listings haven’t moderated to the same extent as sales
and that’s a good sign for our market. If these trends continue to play out we hope to see a rebalancing of the market away from deep seller’s territory to more normal conditions over the rest of the year, where potential buyers once again have some choices available to them.”

The number of homes sold through the QDAR MLS system totaled 379 units in April 2022, a reduction of 35 per cent from April 2021 but still 6.1 per cent above the five-year average and 1.4 per cent above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,327 units over the first four months of the year decreasing 19.1 per cent from the same period in 2021.

The number of new listings decreased by 5.5 per cent from April 2021. There were 701 new residential listings in April 2022.

Active residential listings numbered 494 units on the market at the end of April, a gain of 8.1 per cent from from the end of April 2021. However, active listings were 33.2 per cent below the five-year average and 59.2 per cent below the 10-year average for the month of April.