This is tail-wagging stuff according to River and we agree! The Bay of Quinte area & Prince Edward County continues to lead the Country with one of the hottest real estate markets anywhere.
One word summarizes Friday’s local residential real estate market for the month of December and the 2021 year—RECORD!
Record MONTH of December for sales
Record YEAR (2021) of sales
Record DOLLAR VALUE of all home sales
Record LOW Active Listings
Record LOW Months of Inventory
Record PRICE INCREASE
Where’s the market going in 2022…my advice is to find a great real estate agent and follow them closely so you are prepared and can take advantage of this unprecedented real estate market.
Here are the details of the above records for those who like to get into the weeds…
Record month of December for sales—highest ever at 238 sales, UP 5.3% over December 2020.
Record year of sales at 4,689 sales for 2021, an increase of 24.8% from 2020.
Record dollar value of all home sales in December 2021, up 37.7% from December 2020.
Record Low Active Listings, which numbered only 146 units on the market at the end of December 2021, a reduction of 53.5% from December 2020. That’s half the inventory from just one year ago to choose from for Buyers. New listings were 7.5% below the five-year average and 13.8% below the 10-year average for the month of December.
Record Low Months of Inventory—Directly correlated with the available supply of listings is a metric called Months of Inventory—essentially the number of months it would take to sell current inventories at the current rate of sales activity. Months of Inventory stood at 0.6 months at the end of December 2021 compared to 1.4 Months at the end of December 2020. This means the current supply of 146 Active Listings would be sold by mid January 2022 at the current pace of sales if no additional inventory came onto the market. Again this is an all-time low inventory since records started.
Finally, and probably most important—Record Price Increase—with record number of sales and record low inventory, pricing can only go in one direction. Not surprisingly, prices have increased a staggering 34.3% year over year. This is measured by the HPI Index compiled by an independent organization, CREA.
CALL KIM McKINNEY at 647-202.5526 ...for an Updated Home Valuation. You will be thrilled with how these records translate directly into increased home equity.