Record-breaking real estate sales in Quinte area
Administrator | May 10, 2021 | Comments 4
The number of homes sold through the MLS system of the Quinte & District Association of Realtors totaled 604 units in April 2021, surpassing 600 sales for the first time in any month in history.
“This was more than double the levels from a year earlier, surging 308.1 per cent from April 2020,” said Don McColl, President, QDAR. “This was also a new sales record for the month of April and was the highest level for any month in history.”
Home sales were 55.4 per cent above the five-year average and 62.7 per cent above the 10-year average for the month of April.
“A surge in new listings over the past three months has helped to put a floor under declining overall supply. However, even with a sustained increase in new listings the current strength in demand continues to drive up prices as a result of intense competition among potential homebuyers.”
McColl notes the MLS Home Price Index (HPI) tracks price trends more accurately than is possible using average or median price measures.
“The benchmark price for single-family homes was $490,100, a substantial increase of 46.8 per cent on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $471,200, a jump of 62.7 per cent compared to a year earlier. The average price of homes sold in April 2021 was $612,519, a substantial increase of 58.9 per cent from April 2020. The more comprehensive year-to-date average price was $605,416, a jump of 58.9 per cent from the first four months of 2020.
The dollar value of all home sales in April 2021 was also record-breaking at $370 million, more than double the levels from a year earlier, rocketing up 548.3 per cent from the same month in 2020.
“Active residential listings numbered 454 units on the market at the end of April, down sharply by 44.8 per cent from the end of April 2020. Active listings haven’t been this low in the month of April in more than three decades.”
Speak with these Prince Edward County realtors for more information:
Filed Under: News from Everywhere Else
It is not hard to find articles in the Toronto Newspapers and magazines such as Toronto Life promoting how people from large centers are purchasing secondary properties here in PEC as “Pandemic Relief Plans”. Homes, seasonal cottages, etc we are on the radar as the place to go to enjoy your life and some normalcy, while the fight continues. Let’s face it, we can’t stop people with seasonal homes and cottages from coming here but I think there is a level of discomfort on the part of full time residents. I have to believe this, in part, has a huge impact on the price increases we are seeing.
The house prices here are out of this world, in fact highest in Ontario. Affordable Housing of course was needed, but now no locals can afford a house. The die is cast, a rich community. And Muskoka is considering banning all STAs.
Thank you, Dan. Muskoka has the right idea. Side streets in Picton alone are empty off season, and that just isn’t right when we need affordable housing.
Credit to the folks in the county who have been yelling about affordable housing and our economy for a long time. It’s worth mentioning that Muskoka is positioning to BAN short term rentals. We hardly need to think outside of the box. Let’s protect what little we have left.