Home sales down, prices up, in Prince Edward County

“Although down from the breakneck pace of the last few months and the white hot market of last summer, home sales in Hastings Prince Edward counties for July 2021 managed to post the second highest July in history, second to only the same period last year.

Sales in Prince Edward County are down 42 per cent over last July with 74 sales in July 2021 compared to 128 in July 2020. The average price, however, is up 25 per cent – to $776,150 where it was $618,337 last year.

“The number of newly listed properties declined from recent monthly totals and combined with the ongoing strong demand, began to eat into overall inventory. Consequently, active listings fell below 500 again,” said Don McColl, president of the Quinte and District Association of Realtors.

Recent demand combined with the low number of available properties on the market have also contributed to continued upward price pressure driving the average price to another all-time high. He notes the overall MLS Home Price Index composite benchmark price was $497.500 in July 2021, an advance of 37.7 per cent compared to uly 2020.

“The benchmark price for single-family homes was $499,200, up sharply by 37.8 per cent on a year-over-year basis in July. The more comprehensive year-to-date average price rose 45.9 per cent from the first seven months of 2020, to $609,260.”

There were 490 new residential listings in July, the lowest number added in the month in five years – about seven percent below the five-year average.

“Active listings haven’t been this low in the month of July in more than three decades. Active listings were 43.2 per cent below the five-year average and 67.5 per cent below the 10-year average for the month of July,” he said.