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Local real estate market begins to soften

Quinte region real estate sales are showing a market beginning to soften, though year-to-date sales remain healthy.

Quinte District Association of Realtors President Cathy Polan said dollar sales for all property types in August see a decrease of 2.8 per cent below 2016’s numbers, coming in at $94,169,657.

Residential sales reflect a decrease of 16.5 per cent below 2016 coming in at $71,926,057 for August. The average residential sale price for August 2017 remains up four per cent at $284,293, from $273,331 a year ago.

Residential sales in units shows a 19.7 per cent decrease, with 253 units sold in August 2017, down from 315 units sold in August 2016.

“Continuing with the trend to lower available residential listings, the current number available is 784, down from 1,067 in 2016, resulting in a 26.5 per cent decrease,” she said. “All active listings also shows a 19.1 per cent decrease, from 1,773 available listings in 2016 to 1,435 in 2017.

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