June 2023 Real Estate Stats - Quinte | Kingston | Prince Edward | Northumberland

Check out June's real estate statistics. These stats focus on the median, year-over-year residential numbers across 5 of the largest markets in our region.

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

Year-over-year median sale price is down in 4 of the 5 markets with the exception of Belleville. I am expecting year-over-year numbers to continue to be negative through the summer before we start seeing positive numbers across most markets. Interestingly, the data continues to show month-over-month increases with a couple blips along the way in benchmark price since December of 2022.

New Listings

We are starting to see a little more inventory come to the market. With more individuals facing the reality of market conditions, they have decided to make necessary moves that they may have been putting off for the last 12 months. More stability in the market is helping with consumer confidence. Folks in Prince Edward County are likely deciding to hold off listing unless it is necessary with the current high levels of inventory.

Number of Sales

More sales happening in all markets with the exception of Kingston, which had a drop off of activity. Consumer confidence is growing again for first-time homebuyers and people who may have lost out on properties or held off plans during the volatile times of 2022.

Months of Supply

Supply is up in all markets above 3 months which is great to see for buyers. More choice enables sellers to feel confident that they will be able to find suitable accommodations after selling, which in turn may encourage them to transact. Prince Edward inventory still continues to rise with the current inventory not being absorbed. 

Original vs. Sold Price

Original vs. sold price down or even in most markets, showing that properties continue to be priced appropriately. This gives buyers and sellers more realistic expectations compared to the uncertainty around pricing in the last 24 months.