Things are heating up this year, no doubt about it! This year has seen ups and downs in the real estate market. So, let’s get a better understanding of what exactly has been happening in the Quinte area in 2018.
From June 2017 to June 2018, the average house price has had an increase of 8% which is fantastic news! It’s most definitely something to be excited about as a seller. Even as a buyer, this is a steady increase that is to be expected- not a huge increase like we saw from 2016 to 2017.
Here’s what rattles everyone’s brains… listings are down. But how can that be? House prices are up, but sales are down? What’s going on?
This has been a trend for 2018. Yes, it’s true, listings are down 6.2% from 2017, but most homes are selling for a higher price than they were this time in 2017. Some are still selling for over asking with multiple offers… which then drives the average residential sale prices up. It all comes down to lack of inventory. We aren’t seeing as many houses for sale as we were last year, so that will bring the listings down and prices up! It is still a sellers’ market.
BUT not all hope is lost for a buyer… lately we have been seeing more and more price decreases, which means we are starting to see a bit of a balance in the market. Houses are on the market for approximately 28 days on average, compared to 25 days in May 2018. That is a +12% increase in Days on Market for residential listings. The List Price to Sale Price ratio is currently sitting at 98.88 %, down .002% from May 2018, where the ratio was 99.08%. Homes that are listed too high are sitting, where homes that are listed at market value are selling for, or above asking. Listing price is crucial!
2018 has been an exciting year so far! With the market seemingly changing every day, we’re excited to see what the next 5 months of 2018 holds! We will be keeping a close eye on it, and updating you with the market report.