Quinte & District Association of REALTORS® Inc.

Quinte & District MLS® home sales down to more normal levels in May as new listings surge

The number of homes sold through the MLS® System of the Quinte & District Association of REALTORS® Inc. totaled 399 units in May 2022. This was down sharply by 25.7% from May 2021.

Home sales were 4% below the five-year average and 3.2% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 1,730 units over the first five months of the year. This was a substantial decrease of 20.5% from the same period in 2021.

“Sales activity was down from last year’s record May to levels more in line with what would be considered typical for this time of year,” said Valerie Miles, President of the Quinte & District Association of REALTORS® Inc. “New listings surged to a new May record and brought some much-needed relief on the supply front, lifting overall inventories from their record lows. It’s only been a couple months of stronger supply, but this is a trend we hope will continue to play out during the rest of the year to bring more availability of choice to potential buyers who may have been waiting on the sidelines during the frenzy of the past two years.”

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 $642,600 in May 2022, increasing by 20.8% compared to May 2021.

The benchmark price for single-family homes was $644,400, a gain of 20.7% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $597,300, up by 24.9% compared to a year earlier.

The average price of homes sold in May 2022 was $685,583, a sizable gain of 13.9% from May 2021.

The more comprehensive year-to-date average price was $741,236, increasing by 23.1% from the first five months of 2021.

The dollar value of all home sales in May 2022 was $273.5 million, a sharp decrease of 15.4% from the same month in 2021.

The number of new listings was up by 20.7% from May 2021. There were 810 new residential listings in May 2022. This was also the largest number of new listings added in the month of May in history.

New listings were 29.2% above the five-year average and 21.1% above the 10-year average for the month of May.

Active residential listings numbered 726 units on the market at the end of May, a substantial increase of 47.3% from the end of May 2021.

Active listings were 12.2% below the five-year average and 45.2% below the 10-year average for the month of May.

Months of inventory numbered 1.8 at the end of May 2022, up from the 0.9 months recorded at the end of May 2021 and below the long-run average of 3.4 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®.


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For more information,
please contact Lisa Comerford:

613-969-7873
ExecOfficer@Quinte-MLS.com

President
Valerie Miles