January 2023 Residential Market Statistics
Bay of Quinte & Prince Edward County Residential Real Estate 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.
This week's YouTube video
January 2023 Bay of Quinte/PEC Residential Market Statistics
If you would prefer an audio/visual of this information, check out this week's YouTube video breaking down the monthly statistics across the Bay of Quinte and Prince Edward markets.
Bay of Quinte & Prince Edward County Real Estate Blog
