REPORT
MARKET
Get up-to-date real estate market information for the Quinte area and Prince Edward County. Whether you’re buying, selling or just interested in the market, this report explains trends and changes and can help you understand the impact on real esate in our community. All data is compiled using information from the local real estate board.
Analyzing Real Estate Market Trends
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Three measures (metrics) most accurately reflect today’s real estate market:​
For the month of July 2024, if no more listings came on the market, it would take 5 1/2 months to deplete the current inventory to 0. This is squarely in Balanced Market territory.
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To show this and confirm where our real estate market is in the cycle, these guidelines provide the best prediction of where the market is going:
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When Months of Inventory (M.O.I.) is less than 4 months = Sellers Market - (2020 - 2021 - Spring 2022) Prices Rising
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When Months of Inventory (M.O.I.) is between 4 - 6 months = Balanced Market (YTD 2024) - Prices Flat
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When Months of Inventory (M.O.I.) is greater than 6 months = Buyers Market Prices Declining
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Comparatively, at the peak of the market in 2020 - 2022, there was less than 1 Month of Inventory and Sales were north of 300 homes per month on average in our QDAR (Bay of Quinte/Hastings & Prince Edward County) area. That’s why prices were increasing at 30% + per year over this time period when we enjoyed an unprecedented increase in home values — a perhaps 'once in a lifetime' anomaly during this time period.
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Realistically, increases in home prices of the magnitude we saw in 2020 - Spring 2022 will not return anytime soon, especially with the current interest rate environment faced by Buyers and anyone renewing a mortgage. Interest rates are just recently starting to decline, see separate post on interest rates.
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With the current 5.4 Months of Inventory, we continue to be in a “Balanced Market” and prices are expected to remain at this level over the next several months.​​
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The real estate market is very localized, so each area can differ dramatically. 5.4 Months of Inventory is for all of the Quinte and District market (including Hastings County, Bay of Quinte and Prince Edward County). This large area presents big differences between geography, type of home (detached, condo, townhome, waterfront, etc.), and urban vs. rural.
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The data is compiled using information from the local real estate board and reflects the final numbers from the month of July 2024.
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