March definitely did not come in like a lamb in Prince Edward County but rather much more like a frosty and ferocious lion. Prince Edward County (“the County”), however, is not alone in this regard as most of the surrounding regions in both Quebec and Ontario have experienced one of the coldest Februarys on record. With all of that we can only hope that March does follow the old proverb and go out like a lamb so that we can start to embrace more spring like weather and enjoy all of the natural splendor and offerings for which the County is known.
 
Given that the winter months tend to be the quieter season in the County, and this being a particularly frigid version of that, it is not surprising that while sales continue to occur in the area, they do so at a more leisurely pace, and have in fact declined somewhat from last year at this time. As indicated in our last report, the weather conditions that we have experienced over the last couple of months have made travelling a challenge, as evidenced by the spate of road accidents and treacherous driving conditions across the County, discouraging potential property purchasers from venturing out, and in many instances hampering their ability to explore and fully appreciate any given property’s features and characteristics. Further to that, according to the Enhanced Statistics Statistical Query Report produced by the Quinte & District Association of REALTORS® Inc. Real Estate Board (“The Quinte Board”) there were only 23 property sales across the County, down slightly from last year when 25 properties were reported sold in February, an 8% statistical drop. In contrast, sales across the entire Quinte Board which may not be as seasonally or meteorologically dependent, or hard hit by lake effect snow and the like, were up by 17% with 175 properties reported sold in February compared to 149 for the same time last year.
 
New listings, however, were up with 98 new properties coming onto the market, 5% more than last year at this time when 93 new listings came out in February in the County. Not surprisingly then, inventory for the County was up by approximately 11% at month end with 516 reported active listings according to the Quinte Board Statistical Query Report compared to 463 at this time last year.
Based on the particular composition of listings, the average days on market for properties sold was down by approximately 12% coming in at 74 compared 84 one year ago. And finally, the average sale price of properties sold was calculated to be $228,283, almost 7% higher than the average sale price recorded for February 2014.
 
Forecasters are calling for a bit of a break in the deep freeze as we move into March which might prompt buyers to re-engage their property search or to remind them of life beyond the next snow shovel or plow-out, and why it is that they might wish turn their minds generally to thinking about County living. Broader market conditions remain relatively unchanged to the extent that surrounding urban markets (specifically Toronto) continue to be plagued by scarcity of supply particularly with respect to freehold choices, and consequently are breaking new barriers related to price and testing the bounds of affordability, highlighting the comparative value of real estate offerings in the County. In addition, interest rates remain at historically low levels and are likely to continue to do so for the foreseeable future making County real estate opportunities even more enticing and affordable, all of which bodes well for a strong and promising spring and summer market for 2015. While a glance around the County landscape might suggest something akin to a polar environment, it is encouraging to take note that the days are getting longer and that the bulk of winter is behind, rather than ahead of us.
 
 

Prepared by: Richard Stewart, Vice-President & Legal Counsel, Chestnut Park Real Estate Limited, Brokerage

 

(Image provided by http://cdn.c.photoshelter.com/)

March definitely did not come in like a lamb in Prince Edward County but rather much more like a frosty and ferocious lion. Prince Edward County (“the County”), however, is not alone in this regard as most of the surrounding regions in both Quebec and Ontario have experienced one of the coldest Februarys on record. With all of that we can only hope that March does follow the old proverb and go out like a lamb so that we can start to embrace more spring like weather and enjoy all of the natural splendor and offerings for which the County is known.
 
Given that the winter months tend to be the quieter season in the County, and this being a particularly frigid version of that, it is not surprising that while sales continue to occur in the area, they do so at a more leisurely pace, and have in fact declined somewhat from last year at this time. As indicated in our last report, the weather conditions that we have experienced over the last couple of months have made travelling a challenge, as evidenced by the spate of road accidents and treacherous driving conditions across the County, discouraging potential property purchasers from venturing out, and in many instances hampering their ability to explore and fully appreciate any given property’s features and characteristics. Further to that, according to the Enhanced Statistics Statistical Query Report produced by the Quinte & District Association of REALTORS® Inc. Real Estate Board (“The Quinte Board”) there were only 23 property sales across the County, down slightly from last year when 25 properties were reported sold in February, an 8nonetatistical drop. In contrast, sales across the entire Quinte Board which may not be as seasonally or meteorologically dependent, or hard hit by lake effect snow and the like, were up by 17% with 175 properties reported sold in February compared to 149 for the same time last year.
 
New listings, however, were up with 98 new properties coming onto the market, 5% more than last year at this time when 93 new listings came out in February in the County. Not surprisingly then, inventory for the County was up by approximately 11% at month end with 516 reported active listings according to the Quinte Board Statistical Query Report compared to 463 at this time last year.
Based on the particular composition of listings, the average days on market for properties sold was down by approximately 12% coming in at 74 compared 84 one year ago. And finally, the average sale price of properties sold was calculated to be $228,283, almost 7% higher than the average sale price recorded for February 2014.
 
Forecasters are calling for a bit of a break in the deep freeze as we move into March which might prompt buyers to re-engage their property search or to remind them of life beyond the next snow shovel or plow-out, and why it is that they might wish turn their minds generally to thinking about County living. Broader market conditions remain relatively unchanged to the extent that surrounding urban markets (specifically Toronto) continue to be plagued by scarcity of supply particularly with respect to freehold choices, and consequently are breaking new barriers related to price and testing the bounds of affordability, highlighting the comparative value of real estate offerings in the County. In addition, interest rates remain at historically low levels and are likely to continue to do so for the foreseeable future making County real estate opportunities even more enticing and affordable, all of which bodes well for a strong and promising spring and summer market for 2015. While a glance around the County landscape might suggest something akin to a polar environment, it is encouraging to take note that the days are getting longer and that the bulk of winter is behind, rather than ahead of us.
 
 

Prepared by: Richard Stewart, Vice-President & Legal Counsel, Chestnut Park Real Estate Limited, Brokerage

 

(Image provided by http://cdn.c.photoshelter.com/)

Older Blog Posts