Home sales coming ‘back down to earth’ following two years of record-setting

The number of homes sold through the MLS system of the Quinte & District Association of Realtors fell 29.6 per cent from June 2021, but pricing remains at higher levels.

“It is safe to say that MLS home sales have come back down to earth following two years of record setting monthly gains,” said Valerie Miles, QDAR president, in her monthly report. “Having said that, we seem to be faring well when compared
to other markets in Ontario.”

In Prince Edward County, about 50 per cent fewer homes were sold in June year over year. There were 39 sales this June compared to 79 in 2021. The average price was $789,426, up from $733,389 in 2021.

Miles noted that although down from the record-setting total from last June, sales totals in the entire region were fair to middling last month.

“New listings were significantly above average for this time of year, helping to push overall inventory to the highest level since October 2019.”

“Interest rate increases are having a profound impact on prices, and as mortgage rates continue to rise and further affect overall housing demand/affordability, market conditions may very well shift to a buyer’s market for the first time in many years.”

The benchmark price for single-family homes was $610,100, up by 15 per cent on a year-over-year basis in June. The more comprehensive year-to-date average price was $725,945, up by 19.7 per cent from the first six months of 2021.

There were 728 new residential listings in June 2022 – the largest number of new listings added in the month of June in history. Active residential listings numbered 858 units on the market at the end of June, a gain of 58.3 per cent from the end of June 2021.