REPORT
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 October 2023, if no more listings came on the market, it would take 6 1/2 months to deplete the current inventory to 0.
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Comparatively, at the peak of the market in 2020 - 2022, there were less than 1 Months of Inventory and Sales were north of 300 homes per month on average in our QDAR area. That’s why prices were increasing at 30% + per year over this time period, an anomaly during this time period where "A rising tide lifts all the boats" is quite appropriate for our fabulous Bay of Quinte & PEC area.
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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.
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With the current 6.6 Months of Inventory, we are technically in a “Buyers Market.”
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The real estate market is very localized, so each area can differ dramatically. 6.6 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 October 2023.
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