The summer is hot, and the market is sizzling. For some time now, demand for property in Prince Edward County (‘the County”) has been outstripping supply with the number of new listings coming out significantly trailing the figure recorded last year for the same period. Sales, however remain strong and show little sign of abating, subject to there being anything to buy moving forward. With inventory down and sales on the rise , it is no surprise that pressure on pricing is starting to be felt across the County, despite the fact that on a comparative price basis, properties in the County continue to reflect excellent value. At the midpoint of the summer season, the Quinte and District Association of REALTORS® Inc. (“the Quinte Board”)’s statistics paint a compelling picture of the above-noted conditions, namely robust interest in, and tight property market confronting the County.

 

Prince Edward County Real Estate Marketing Report

 

The Quinte Board’s Enhanced Statistics Statistical Report for the County for the month of July reported 67 properties sold as compared to 63 in July 2015. This marks a 6% jump from last year’s numbers and brings the year to date tally to 398, almost 16% more than was recorded sold last year at this time when 344 properties were logged as traded. As mentioned, however, the most dramatic, persistent and pressing story remains one of supply. The most recent statistics show yet another month in which significantly fewer new listings came onto the market in the County than the year previous. Specifically, only 123 new listings were reported in July compared to 149 last year, a 170rop. Year to date, the picture is much the same with a total of 863 new properties being brought out compared to 1067 last year at this time, resulting in a 19% negative deferential. That combined with the above-noted strong demand means that there are more buyers fighting over fewer properties and inventory has plunged approximately 33% with only 472 active listings being available at the time the Enhanced Statistics Statistical Report was produced, as compared to 708 a year before, a significant difference by any measure for any person looking for property in the area.

 

Prince Edward County Homes For Sale

835 County Road 8, Rd, Prince Edward County, North Marysburgh – $324,800

 

 

With most of the old inventory drying up and being absorbed, the average days on market for properties in the County has also declined noticeably, moving from an average of 83 days on market last July to 72 this year. And the final inevitable result of a tighter market and fiercer competition is that people are having to pay more. The average sale price of properties in the County in July has gone up by 10% year over year, coming in at $329,915 compared to $300,186 one year ago.

 

 

Prince Edward County Homes For Sale

1329 County Road 7,Rd. Prince Edward County, N. Marysburgh Ward – $305,000

Generally, real state trends across the entire Quinte Board reflect similar conditions as are being experienced in the County with a reduction in new listings being met by a countervailing increase in both demand and sales. But this is not unique to the area and is playing out in most of the markets served by this brokerage across Southern Ontario, and is being driven at least in part by the booming and tight real estate market in the Greater Toronto Area which is creating significant affordability challenges for a broad range of buyers who are being pushed to look elsewhere for alternative property investment and living options, and greater value, while not compromising on quality of life. Consumer confidence remains high despite uneven economic reports weighed down most particularly by the ongoing slump in the energy sector. But demographic trends continue to point to ongoing demand for property in Southern Ontario as new families move in from abroad and across Canada. In addition, despite escalating prices locally, the low cost of money, favourable exchange rates and positive broader social, political, banking, security and education conditions contribute to an ongoing sense of the comparative value and attractiveness of real estate in the area generally, and specifically in the County which continues to bene t from its own distinguishing attributes and ongoing affordability.

 

Prepared by: Richard Stewart Vice President & Legal Counsel

The summer is hot, and the market is sizzling. For some time now, demand for property in Prince Edward County (‘the County”) has been outstripping supply with the number of new listings coming out significantly trailing the figure recorded last year for the same period. (more…)

Older Blog Posts