March 2023 Residential Market Statistics

Check out March'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 March 2022. February and March 2022 were the peak of the market in most areas across Ontario. For the second month in a row, Prince Edward County has been up year-over-year. Although the market has fallen in PEC, this shows higher-end homes continue to transact, pushing the median sale price up. Luxury homes and second residences are generally lower leveraged which in theory, would make them less correlated with rates.

New Listings

New listings down across the board, with the exception of Brighton. Sellers continue to be 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. This supply issue runs full circle as people who are thinking of selling want to have a suitable property to move into. If there is no supply on the "buyer end" they are less likely to list.

Number of Sales

Number of sales down drastically across all markets. Almost a 50% decrease in Prince Edward and Quinte West. This illustrates the contrast of consumer confidence compared to just one year ago. Although number of sales are down year-over-year, they are up month-over-month in all markets noted. This shows homebuyers are gaining confidence in the housing market. Bank of Canada holding rates seems to have played a part in this.

Months of Supply

Although supply looks to be through the roof when we are looking at year-over-year numbers, these markets, with the exception of Prince Edward, are all in "buyer's market" territory based solely off months of supply. This is not to say that we are in a buyer's market by any means, but if there is a rush of homebuyers that come out of the woodwork, we may see supply issues come spring if more product does not come to market.

Original vs. Sold Price

Again, down year-over-year as expected from March of 2022 when multiple offers and over ask offers were almost guaranteed. We are seeing prices stabilize over the last few months, putting sellers and buyers on the same page. In all markets, we are seeing homes sell for slightly below their original list price.