Prince Edward County bucks declining home prices trend for March

Real estate prices dropped in March year-over-year everywhere in the region except Prince Edward County.

Natasha Huizinga, President of the Quinte & District Association of Realtors, (QDAR) in her monthly report, said 251 homes sold in March, a reduction of about 35.5 per cent from March 2022, and 26.4 per cent below the five-year average.

“On a year-to-date basis, home sales totaled 590 units over the first three months of the year,” said Huizinga. “This was a sharp decrease of 38.3 per cent from the same period in 2022.”

“Overall inventory rose for the fourth straight month and is currently above the five-year average. Only time will tell how the next few months will play out and we are analyzing our local market data to identify definitive trends that may provide insight into what lies ahead.”

The average price of homes sold in the region in March 2023 was $632,951, nearly 20 per cent less than last March.

In Prince Edward County, last month, there were 25 homes sold at an average price of $974,922. That was 46.8 per cent fewer sales than March 2022 when 47 homes sold at an average price of $795,730.

QDAR cautions that average sale price information can be useful in establishing
long term trends but should not be used as an indicator that specific properties
have increased or decreased in value. The average sale price is calculated based on
the total dollar volume of all properties sold.

There is plenty of choice for buyers in the region as residential listings numbered 770 units on the market at the end of March – more than double the levels from a year earlier, surging 145 per cent from March 2022.

QDAR is a not-for-profit association that serves approximately 590 realtors in the Belleville, Quinte West, Prince Edward, Madoc, Marmora, Stirling, Tweed, Brighton, Trent Hills, Colborne, and Deseronto areas as well as other adjacent communities.