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More money coming in for fewer real estate listings

Dollar sales are up but the number of listings are down for residential listings in July.

The Quinte and District Association of Realtors July 2016 report indicates sales for all property types increased 21.3 per cent compared to July 2015, with the residential portion of sales for the month up by 19.7 per cent over the same period last year.

There were 323 residential sales in 2016, up from 310 units in July 2015. Active residential listings are down 35.4 per cent from a year ago at 1,151 listings compared to 1,782 listings in 2015.

The local average residential sale price for July 2016 was $268,551 – an increase of 14.9 per cent from $233,808 in July 2015.

“This substantial increase is the result of a few larger residential sales in the month of July,” said association president Cathy Polan, in her monthly report. “Continued low mortgage rates offer various options to home buyers, including first-time buyers, but when comparing the months of inventory to demand, the market in the Quinte jurisdiction remains a very close market.”

The number of months of inventory for the local area is at 3.6 months, down by one month from the June national basis of 4.6 months, as reported by the Canadian Real Estate Association (CREA).

“The months of local inventory for the 2016 second quarter averaged 3.2 months, so it will be interesting to see if the trend continues to reflect an increase, albeit at a modest pace,” said Polan.

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