Real estate market continues to cool, but prices remain high

The local real estate market is still cooling after two red-hot years, but prices remain higher.

The Quinte & District Association of Realtors monthly report shows 267 homes sold last month, down 34 per cent from August of last year. This year there have been 2,572 homes sold – 25 per cent fewer than in the first eight months of 2021.

In Prince Edward County, 39 homes were sold last month at an average price of $832,145 compared to 60 homes in August 2021 at an average price of $699,313. While sales were down in the County by 35 per cent for August, prices were up 19 per cent from the same month last year.

“Sales activity continues to post year-over-year declines as interest rate increases impact buyers’ affordability and sellers are still adjusting their pricing expectations,” said Valerie Miles, QDAR president. “August posted a new record for the month for new listings, injecting some much-needed supply into the market. Overall supply levels are up from their record lows but still low by historical standards, so there is still much room left to absorb additional unsold listings in our housing market should these trends continue for the time being.”

Year-to-date, the average price of a house sold in the entire region was $704,476 – almost 16 per cent higher than in the first eight months of 2021.