Quinte & District MLS® home sales below average for the month of October
The number of homes sold through the MLS® System of the Quinte & District Association of REALTORS® Inc. totaled 217 units in October 2022. This was a sharp decrease of 34.6% from October 2021.
Home sales were 26.3% below the five-year average and 22% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 3,025 units over the first 10 months of the year. This was down by 27.5% from the same period in 2021.
“The downward trend in market activity continued in October, with MLS® listed homes in Quinte & District posting below average sales for this time of year. In fact, you would have to go all the way back to 2011 to find a lower number of October sales,” said Valerie Miles, President of the Quinte & District Association of REALTORS® Inc. “Both buyers and sellers seem to be waiting for the impact of the Bank of Canada’s most recent rate hike to fully take hold. With new listings up and sales down it is reasonable to expect that our region will likely remain in balanced to buyer’s territory until a clear path forward emerges. Although down slightly, both average and MLS® HPI Benchmark price have remained relatively flat month-over-month and year-over-year. Potential buyers that have been dealing with affordability issues over the past few years are hoping that the recent increase of interest rates will not entirely offset the recent price declines, allowing them to pursue the home that is appropriate for them at a price level they feel comfortable with.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $547,600 in October 2022, down modestly by 1.4% compared to October 2021.
The benchmark price for single-family homes was $548,100, a minor decrease of 1.9% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $536,600, a gain of 13.7% compared to a year earlier.
The average price of homes sold in October 2022 was $634,549, a minor decrease of 1.9% from October 2021.
The more comprehensive year-to-date average price was $694,018, advancing 12.4% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $137.7 million, a reduction of 35.9% from the same month in 2021.
The number of new listings saw a gain of 17.4% from October 2021. There were 465 new residential listings in October 2022. This was the largest number of new listings added in the month of October in more than a decade.
New listings were 14.1% above the five-year average and 17.6% above the 10-year average for the month of October.
Active residential listings numbered 896 units on the market at the end of October, more than double the levels from a year earlier, increasing 149.6% from the end of October 2021.
Active listings were 25.6% above the five-year average and 15% below the 10-year average for the month of October.
Months of inventory numbered 4.1 at the end of October 2022, up from the 1.1 months recorded at the end of October 2021 and on par with the long-run average of 4.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
The Quinte & District Association of REALTORS® Inc. (QDAR) is a not-for-profit Association that serves approximately 590 REALTORS® in the Belleville, Quinte West, Prince Edward, Madoc, Marmora, Stirling, Tweed, Brighton, Trent Hills, Colborne, and Deseronto areas as well as other adjacent communities. The Association provides a Multiple Listing Service® (MLS®) System, ongoing continuing professional education courses, and related services for its Members. QDAR’s Vision is to progressively build a better future for our REALTORS® and the communities they serve.
As Members of the Canadian Real Estate Association, QDAR Members may use the REALTOR® trademark, which identifies them as real estate professionals who adhere to a strict code of ethics.
For local market expertise, be sure to use the professional services of one of our REALTOR® members when buying or selling property.
For more information about QDAR, including additional statistics, please visit www.quinte-MLS.com.
QDAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local QDAR Member REALTOR®.
For more information,
please contact Lisa Comerford: