January 2023 Residential Market Statistics

Here are the median residential market statistics for the month of January 2023, powered by ITSO. These statistics include 5 different geographic areas I frequently service. 

Keep in mind these stats are for residential sales only and are year-over-year figures. If you would like more in depth analysis or commercial data, please do not hesitate to reach out

Median Sale Price

Median sale price still down in our Belleville, Quinte West and Napanee markets substantially. Brighton and Prince Edward areas are up YOY. These markets tend to show as quite volatile due to the large price differential in homes and smaller sample sizes. It's worth noting only 4 homes were sold in the Greater Napanee area in Jan 2023, so all stats will be subject to extreme volatility.

New Listings

We are seeing more inventory over all markets except PEC, which is expected due to its seasonal attractiveness. All markets showing more inventory than December 2022, but typical low January numbers.

Number of Sales

Number of sales down across all markets as well due to a quiet January. With the combination of indecisiveness around the BoC announcement, coupled with low inventory and bad weather, these numbers are not surprising.

Months of Supply

A healthy amount of supply across 4 of the 5 markets. A lot more homes on the market in PEC than sales. This may be due to the new subdivisions being developed in and around Picton which we have not seen in past years. It's worth noting, the rest of the markets are in comfortable balanced market territory based on inventory.

Original vs. Sold Price

Sold vs original list price down from times of multiple offers and purposefully low priced homes. All markets are showing relatively close sold to list price translations which indicates sellers are pricing their homes appropriately. Buyers are realizing not every seller is forced to sell and are purchasing homes for fair prices.