Market Overview:
The local real estate market is currently balanced, not booming but also not declining sharply.
A balanced market means fluctuations month-to-month in pricing, activity, and days on market.
A 5% annual increase in home prices is predicted for 2025.
Key Influences:
Market uncertainty is partly due to economic unpredictability in the U.S..
Bank of Canada held interest rates at 2.75%, which is positive news as no increase occurred.
Advice for Buyers & Sellers:
Sellers: Still a good time to list—spring market activity is picking up later than usual.
Buyers: More listings mean more choice, though multiple offers are starting to occur in the $550K–$600K range.
Local Area Stats:
Belleville:
Days on Market: Increased slightly from 26 to 29 days.
Average Price: Increased from $548K to $581K — a positive sign.
Prince Edward County:
Days on Market: Dropped from 66 to 50 days.
Average Price: Dropped from $823K to $733K, due to more lower-priced homes selling.
Quinte West:
Days on Market: Increased from 28 to 39 days.
Average Price: Slight increase from $534K to $536K, showing a steady, balanced trend.