What better way to cap off a spectacular summer season in Prince Edward County (“the County”) than with an equally fair and beautiful fall, highlighting all of the many fine attributes for which the area is famous. From a real estate perspective 2016 has also been a banner year with strong interest in property and robust sales to reflect that. The main qualifier to the foregoing is a perpetual shortage of inventory to choose from. Buyers have been forced to stay on top of the market and be ready to jump when the right property becomes available, and in some cases compete for that special property that fits the bill.   Prince Edward County Market Update  

 

With the release of the Quinte and Association Board of REALTORS® (“the Board”)’s Enhanced Statistics Statistical Report, it is clear that September’s performance has built upon the momentum that has been gathering for most of the year. Activity is up and supply remains tight, but the main distinguishing note is that for the first time in many months, new listings for the month are actually up year over year. That said, the County property market has a long way to go before the supply shortage problem comes close to being alleviated. And with interest in the area showing no sign of abating, the likelihood of the market easing up significantly any time soon remains low.

market report

 

10 JOHN ST, PRINCE EDWARD COUNTY, PICTON

 

  As has been pointed out in earlier reports, it is worth noting that because the County market report is based on a specific geographical area with a smaller number of transactions than a larger area such as that covered by the Board generally, the statistical swings can be more dramatic and vary significantly depending upon the particular composition and cross-section of properties changing hands during the time period in question.   Specifically, 70 properties were recorded sold in the wards that comprise the County this September. That represents a 30% increase over the number of properties reported sold for the month of September the year previous, namely 54. September’s numbers bring year to date figures to 534, 16% more than the 462 sales recorded last year at this time based on an accumulated assessment of the monthly Enhanced Statistics Statistical Reports for the County thus far in 2016.  

market report

 

18760 LOYALIST PARKWAY OTHER, HILLIER

 

  As mentioned, new listings were actually up year over year in September with 93 new properties coming onto the market compared to 78 the year previous, a 19% increase, but year to date new listings continue to lag behind last year’s numbers by 15% with only 1037 new listings being logged so far compared to 1236 at this time in 2015. Not surprisingly when sales are up 16% and listings are down by the same year over year differential, the market is bound to remain tight, and the paucity of active listings supports that assessment. In fact inventory is down by a whopping 28% year over year with the Board reporting only 422 active listings at the end of the month compared to 583 at this time last year.   Further findings consistent with that are the average days on market for properties sold in the County. According to the Board it took 33 fewer days on average to sell a property this September than last, specifically 89 compared to 122, constituting a 270rop in the number of days it took to sell the properties in question.   Finally, and as stated in earlier reports strong demand paired with tight supply creates upward pressure on pricing. Accordingly, the average sale price of properties sold in the County during the month of September came in at $331,134. That number is a 13% jump from the number calculated by the Board for the average property sold in the County in September 2015 which was $293,006.   Market conditions remain strong, and prospects continue to look good for sellers contemplating bringing their properties to market. The County continues to enjoy a relative competitive advantage with respect to value and affordability when stacked up against many comparable areas. In addition, lending conditions remain favourable, however, the effect of recently imposed initiatives by the federal government to curtail tax loopholes and bring borrowing under control will have to be monitored closely to determine the impact that such measures may have on the broader market in the months to come.  

Prepared by: Richard Stewart Vice President & Legal Counsel

What better way to cap off a spectacular summer season in Prince Edward County (“the County”) than with an equally fair and beautiful fall, highlighting all of the many fine attributes for which the area is famous. From a real estate perspective 2016 has also been a banner year with strong interest in property and robust sales to reflect that. The main qualifier to the foregoing is a perpetual shortage of inventory to choose from. Buyers have been forced to stay on top of the market and be ready to jump when the right property becomes available, and in some cases compete for that special property that fits the bill. (more…)

What better way to cap off a spectacular summer season in Prince Edward County (“the County”) than with an equally fair and beautiful fall, highlighting all of the many fine attributes for which the area is famous. From a real estate perspective 2016 has also been a banner year with strong interest in property and robust sales to reflect that. The main qualifier to the foregoing is a perpetual shortage of inventory to choose from. Buyers have been forced to stay on top of the market and be ready to jump when the right property becomes available, and in some cases compete for that special property that fits the bill. (more…)

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