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Real estate sales top $1 billion for 2016

Real estate sales in the region have topped the $1 billion mark for 2017.

Cathy Polan, president of the Quinte & District Association of Realtors, said sales of all types of real estated reached $1,062,499,838 by October’s end.

“To compare to 2016, the billion-dollar mark was not reached until the end of December,” she said in her monthly report. “The numerous $1m-plus properties sold earlier this year are reflected in the strong numbers, despite the lower available listings throughout the year.”

The figure also impacted strong year-to-date average prices, both for all property types, coming in at $298,287 and residential properties at $299,101.

Residential sales in units for the month shows a decrease of 17.5 per cent, with 222 units sold in October 2017, down from 269 units sold in October 2016, however the year-to-date number shows 2017 is 4 per cent above 2016.

Polan said the trend to lower active residential listings also continues, with the current number coming in at 642, down from 840 in 2016, resulting in a 23.6 per cent decrease. The all active listings category reflects an 18.9 per cent decrease, from 1,486 available listings in 2016 to 1,205 in 2017.

Local realtors and buyers continue to face low residential inventory, which is below the average inventory available on a national basis, as reported by The Canadian Real Estate Association (CREA) at the end of September.

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