August Real Estate Update!

The August market numbers are in, and here is the part nobody mentions. More homes sold than a year ago in every one of our markets, and yet a Belleville home now takes 18 more days to sell than it did last summer. Buyers are active across the Quinte Region. They are just taking their time.

Belleville: More Buyers, Slower Sales

Belleville is up from last year, but homes are sitting longer than they have in a couple of years.

Average Sale Price: $509,200 (up 3.3% from last August, down 3.1% from July)
Sales: 68 (up 13.3% from last August)
Average Days on Market: 53 (compared to 35 last August)

Buyers are out there and more homes changed hands than a year ago. But each sale took 18 days longer on average. Buyers are comparing more homes before they commit. If you are selling in Belleville this fall, pricing and presentation matter more than they have in a while.

Prince Edward County: A Soft Month After a Strong July

The County’s average price dropped sharply from July. Before anyone panics, remember what this market is.

Average Sale Price: $651,848 (down 6.1% from last August, down 13.2% from July)
Sales: 41 (up from 38 last August)
Average Days on Market: 71 (close to the County’s five-year average)

Prince Edward County is a small, higher-end market. July was a strong month, and a handful of high-end sales can pull the average up fast. August came back down to earth. More homes sold than last year and the pace is steady. The average is just swinging the way it does out there.

Quinte West: The Market That Won August

Quinte West went up on price, up on sales, and sold faster than a year ago. Nobody else in the region did all three.

Average Sale Price: $575,352 (up 5.2% from last August, up 6.0% from July)
Sales: 60 (up 7.1% from last August)
Average Days on Market: 43 (six days faster than last August)

Quinte West is still the best value in the region, and buyers are figuring that out.

Key Takeaway

Buyers are active across the whole Quinte Region and sales were up everywhere. But the three markets are behaving very differently. If you are a seller, Quinte West has the momentum, and Belleville needs sharp pricing to move quickly. If you are a buyer, Belleville is giving you more time and more choice than it has in a while.

Whether you are buying or selling, understanding your local market is key. If you would like to know what these trends mean for your home or your next move, reach out anytime.