Here we are, Fall is upon us again. Another blissful summer has come and gone, and now we are preparing for winter. This is a great time to see a breakdown of the August Real Estate Market, and get you prepared for the winter months.
So, here it is…
- Listings from August 2017 to August 2018 are down 3.5%
- Dollar Sales from August 2017 to August 2018 are down 14.3%
- Average residential sale price from August 2017 to August 2018 are up 9.3%
- Average house price in Quinte for August 2018 is currently sitting at $330,051
But wait, what does this all mean you ask?
Well, as we have talked about in our previous market blogs, there has been a shortage of listings, which in turn, gives us these negative percentages, when in fact, residential sale prices are up…WAY up from this time last year, 9.3% up to be exact. Listings are a key focus on this entire blog and the Quinte real estate market in general.
Let’s focus on absorption rate. Right now, if no new listings were to enter the market, and every house listed did not get cancelled or expired it would take only 1.3 months to sell every single home on the market. Less than one and a half months is an extremely short period of time for an absorption rate. This simply verifies what we have been saying all year. There are plenty of buyers… And not many homes to buy. If you’re thinking of listing soon, but aren’t sure when a good time is. The time is now! The average house price in Quinte is $330,051 which is also UP. Sure, spring will be busy as always but there is nothing indicating that fall will be slow by any means.
So, sales are down, listings are down and dollar sales are down, but sale prices and average house prices are up! This means that houses are still selling, and quite rapidly, but we don’t see as many listings as we have in the previous years. Don’t worry there is still plenty of inventory out there to choose from!