Property sales up for first quarter, listings needed

March 2016 sales for all property types were up 29.5 per cent compared to March last year, with the residential segment increasing by 34 per cent over the same month last year.

Cathy Polan, president of the Quinte District Association of Realtors reports there were 245 residential sales last month, up from 198 units in March 2015. However, she notes active residential listings are down 16.2 per cent from a year ago, coming in at 1,272 listings compared to 1,517 in 2015.

“The first quarter of 2016 is now complete and we are experiencing an excellent market,” she said. “To date, we’ve experienced a reduction of 9.1 per cent of residential listings versus the same period last year.”

The first quarter shows a 16.1 per cent increase in sales of all property types, with 649 sales in 2016 compared to 559 in 2015.

“More specifically there was an increase of 15.4 per cent in residential sales, with 562 units in 2016 and 487 in March 2015.”

The average home in the first quarter of 2016 was $229,234 versus $221,509 in the same period of 2015, for a 3.5 per cent increase.

“Real Estate continues to be a good investment,” she said, adding “The spring market is in full swing and interest rates still remain low.”

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