Home sales dip below average; new listings hit September record

The number of homes sold through the MLS system of the Quinte & District Association of Realtors totaled 232 units in September 2022 – a decline of 40.7 per cent from September 2021.

In Prince Edward County, fewer homes sold, but were at a higher average price. Last month, 39 homes sold in PEC at an average price of $864,295, compared to 62 sales in September 2021 at an average price of $705,476.

The average price of homes sold in the Quinte region in September 2022 was $634,816, a decline of 5.7 per cent from September 2021.

“Sales activity remains subdued after declining sharply in the wake of sizeable interest rates increases earlier this year, although the downward trend seems to be tapering out as of the last few months,” said Valerie Miles, QDAR president. “New listings hit the market in record numbers in September, a very good sign that sellers have not given up and retreated. It may take several months for buyers to find their bearings, as we still have a few more anticipated rate hikes on the horizon and consumer confidence has weakened in record months, but when they come off the sidelines they will find a more ample selection of listings awaits them compared to the scarcity of the past few years.”

There were 569 new residential listings in September 2022. This was also the largest number of new listings added in the month of September in history.

The active residential listings numbered 937 units on the market at the end of September, more than double the levels from a year earlier, rocketing up 130.8 per cent from the end of September 2021.