Real estate sales cool in February; County prices still hot

There were fewer home sales in Prince Edward County in February 2023 than the same month last year, and the average price was up 12.9 per cent – to more than a million dollars.

The Quinte & District Association of Realtors (QDAR) report for last month notes 17 home sales in the County, with an average price of $1,016,591 compared to 32 in February 2022, with an average price of $900,187.

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. Those requiring specific information on property values should contact a local realtor.

The number of homes sold in in the region was down 34 per cent from February last year, and on a year-to-date basis, home sales totaled 336 units over the first two months of 2023 – 40.7 per cent from the same period in 2022.

“Sales activity has been muted since declining over the first half of last year but has kept within range of longer term historical averages, a trend that continued in February,” said Natasha Huizinga, QDAR President. “Part of this stability in home sales might be due to the sustained momentum in new listings, which has been supplying the market and buyers with a relatively ample choice of available inventory.”

The average price of homes sold in February 2023 was $605,174, a decrease of 22.3 per cent from February 2022.

The number of new listings saw a moderate gain of 5.2 per cent from February 2022. There were 367 new residential listings in February 2023 – 7.6 per cent above the five-year average and 4.8 per cent above the 10-year average for the month of February.

The QDAR region covers Prince Edward, Belleville, Quinte West, Madoc, Marmora, Stirling, Tweed, Brighton, Trent Hills, Colborne, and Deseronto areas as well as other adjacent communities.