February 2023 Residential Market Statistics

Check out February's real estate statistics. These stats focus on the median, year-over-year residential numbers across 5 markets in the Bay of Quinte & Prince Edward regions.

If you would like further intel about these statistics, a more localized picture or are curious about commercial statistics please do not hesitate to reach out!

Median Sale Price

Median sale price is down across the board as expected when comparing these numbers to February 2022. February and March 2022 were the peak of the market in most areas across Ontario. An outlier here is Prince Edward County. Although it is hard to track data in PEC because of a vast variety of home prices, these stats show higher priced homes in PEC are transacting, which shows consumer confidence returning in PEC.

New Listings

New listings down across the board, again with the exception of Prince Edward. Sellers are hesitant to list as they may be locked in to a lower mortgage rate. Making a move may not make sense unless they are up for renewal as their payment would likely increase for a similar priced home. There is also not much inventory to choose from if you do move, which is why we are seeing more "sale of buyer's property" offers.

Number of Sales

Number of sales down as well due to the low amount of listings and inventory as noted above.

Months of Supply

We have a very low supply of inventory which is caused by sellers not wanting to list their home. There are buyers out there looking to purchase their first home, move-up or down size, but the lack of quality product on the market keeps these buyers on the sidelines. To all my clients looking to purchase, I have not forgotten about you, there just isn't anything to send you!!!

Original vs. Sold Price

Gone are the days of multiple offers & over ask sold prices, right? For the most part we are seeing homes priced slightly over market value and selling for a little under ask price. For highly desirable homes there is still a lot of interest and multiple offers are not uncommon. A trend of underpricing homes and setting offer dates seems to be emerging again for some listings catering to investors and homes in coveted locations.