Home sales set December records despite ongoing supply crisis

Sales of homes in in December in Prince Edward County rose to 60 from 44 last year and the average price dropped almost 10 per cent – but remained at an average of more than $800,000. The average sale price in December 2021 was $804,616, down from December 2020’s average price of $891,927.

“2021 was truly an extraordinary year for our local market,” stated Don McColl, president of Quinte and District Association of Realtors Association. “It is astonishing that we were able to set a new annual sales record during an ongoing supply crisis.”

Active residential listings numbered 146 units on the region’s market at the end of December, a reduction of 53.5 per cent from the end of December 2020.

“Active listings haven’t been this low in the month of December in more than three decades and are currently sitting at the lowest level on record,” said McColl. “Active listings were 66.3 per cent below the five-year average and 80.5 per cent below the 10-year average for the month of December.

McColl noted December sales once again outpaced newly listed properties, which further depleted the number of homes available for buyers.

“Active listings now sit at less than half of the previous lowest level on record. Market balance continues to be heavily in favour of sellers and even with a fresh influx of new listings, the market conditions are unlikely to change in the near future.”

The average price of homes sold in December 2021 throughout the region was a record $725,052, increasing by 30.8 per cent from December 2020. The more comprehensive annual average price was $625,524, up sharply by 38.4 per cent from all of 2020.

The dollar value of all home sales in December 2021 was $172.6 million, up 37.7 per cent from the same month in 2020. This was also a new record for the month of December.