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

Check out May'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 all 5 markets when compared to May of 2022. Although these numbers are down year-over-year, they are down significantly less, percentage wise compared to YOY stats from April 2022 to April 2023. This illustrates how high the market was run up during the times of low rates.

Interestingly enough, sale price is actually down month-over-month in all markets but Prince Edward. This is unexpected due to the market regaining its steam. The explanation I believe for this is that lower priced inventory is transacting more frequently dragging the median sale price down.

New Listings

New listings are down year-over-year in all markets, with the exception of Prince Edward, which is up substantially. This shows the continued low supply which should be picking up in a spring market. Down as much as 25% in Belleville and Quinte West.

Number of Sales

Number of sales down year-over-year in Belleville and Kingston, but up in Quinte West, Prince Edward and Northumberland. This clearly shows the inventory that is on the market is getting absorbed quicker than it is being replenished when compared to the new listing numbers.

Months of Supply

Months of supply in Belleville, Kingston and Quinte West still in "Seller's Market" territory being under 3 months of inventory. Northumberland slightly higher which could be expected as some homeowners who moved from the GTA may have been called back to work and need to move closer. Prince Edward in full "Buyer's Market" territory with over 8 months of supply. 

Original vs. Sold Price

Original vs. sold price down in all markets from May 2022 where over-ask sale prices were still the norm. In most markets we are seeing very close to 100% of original price as the sale price with the exception of Prince Edward which is about 2.5% lower.