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Listings still down, but sales up for real estate

The Quinte and District Association of Realtors is reporting another stellar month for real estate sales in the region.

President Cathy Polan says sales for all property types were up 11.2 per cent in October this year, compared to the same month last year.

“Year-to-date dollar sales for all property types comes in at a healthy increase of 21.9 per cent over 2015 and the same period for residential dollar sales show an increase of 22.8 per cent,” says Cathy Polan, association president.

There were 269 residential units sold last month, up from 238 in October of 2015 – a 13.7 per cent jump, even though listings are down by 43.9 per cent. The number of residential listings was at 840 where there were 1,498 listings in 2015.

“The average residential sale price for October 2016 is $251,651, a modest increase of 4.2 per cent from $241,460 in October 2015,” she said.
october-2016-real-estate

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  1. Dennis Fox says:

    I don’t pretend to be an accountant, but this report doesn’t make a lot of sense – at least not to me. Perhaps someone who is responsible for this report or article can explain…

    The report compares sales from October 2016 to Oct. 2015….
    * sales for “all” property types was up by 11.2%
    * dollar sales for “all” property types was up by 21.9%
    * “residential” dollar sales were up by 22.8%
    * Yet the number of listings was down by 43.9% from 1498 to 840

    So if fewer homes were listed and if residential dollar sales were up by 22.8% – doesn’t that mean that more homes sold at a higher price this year? And yet this report states that the average house price went up by a modest 4.2% this year!??

    I know that stats can be interpreted differently, but I don’t get why house prices went up by such a small amount, when everything else has increased in a huge way. Can anyone explain this?

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