Our new series keeps an analytical eye on the real estate market in Prince Edward County, one of Toronto's most coveted escapes.
House buyers in Prince Edward County fall into two broad segments. For homes priced under $300,000, much of the demand is driven by local influences and residents. On the other hand, much of the demand for houses over $300,000 comes from the Greater Toronto Area (GTA).
This post deals with homes under $300,000 while a later post will discuss homes over $300,000.
The situation for buyers of homes under $300,000 in The County improved slightly during the second quarter compared to a year earlier.
Prices have softened somewhat compared to last year but listings remained the same as last year and there is still limited choice under $300,000.
Quarterly Report – April to June 2018
Listings Unchanged From 2017
The average number of homes listed for sale during the second quarter was essentially unchanged from a year earlier, a continuation of the historical decline in the number of listings in this price range. As a result, buyers confronted a limited choice under $300,000.
Sales Fell Compared to Last Year
The number of homes sold during the second quarter of 2018 fell by 42% compared to the same time last year.
Selling to Listing Price Ratio Returned to Normal
The selling to listing price ratio fell from a high of 98% during the second quarter of 2017 to 95.7%, in line with the historical ratio for homes in this price range.
Days On Market Remained Low
During the second quarter homes sold over average in 28 days, up from 21 days for the same time last year, but still much faster than the historical average of approximately 50 days for homes in this price range.
Median Price Fell Compared to 2017
The median selling price for the quarter was down 6% compared to last year reflecting a decline from $238,000 to $223,000.
Implications For Buyers
With a fall in sales compared to the second quarter of last year, there is some improvement in the outlook for buyers in Prince Edward County. Prices have declined slightly compared to last year and sellers are becoming more realistic in their expectations. Home listings, however, were virtually unchanged from last year providing limited choice under $300,000. Homes are selling more slowly than at this time last year, but buyers still need to move more quickly than they did prior to 2016.
If you prefer hard copy, a .pdf containing the same information as this article can be downloaded here.
Data: Based on residential data for MLS homes in Prince Edward County maintained by the Quinte & District Association of REALTORS Inc. Treat Hull & Associates Ltd., Brokerage solely responsible for interpretations presented.
Image Credit: Steve Bowers, Getty Images
Treat Hull spent three decades as a management consultant and marketing executive before moving to the County and taking up real estate. He is broker/owner of Treat Hull & Associates Ltd., a Prince Edward County brokerage which takes no listings and represents only buyers.