As we enter the spring market of 2023, the real estate market in Eastern Ontario continues to show signs of stability and growth. In this market update, we will take a closer look at the average sale prices, days on the market, and average sales for four key regions: Belleville, Quinte West, Prince Edward County (PEC), and Northumberland.
First, let’s take a look at the average sale price for each region. Belleville and Quinte West both have relatively affordable markets, with an average sale price of $528,518 and $545,285. These two regions have seen steady growth over the past few years, and this trend appears to be continuing. Meanwhile, PEC has an average sale price of $1,600,000. The high price point in PEC is driven by its popularity as a vacation destination, as well as its limited inventory of luxury properties. Finally, Northumberland has an average sale price of $659,568, which is a testament to the region’s strong economy and growing population.
Next, let’s look at the days on the market for each region. In general, properties in Eastern Ontario are selling relatively quickly, with all regions having a days on market of 70 or less. Belleville and Quinte West both have a very short days on market of just 31 and 32 days. This is a reflection of the high demand for properties in these regions and the relatively low inventory available. PEC has a longer days on market of 70, likely due to its higher price point and more niche market. Meanwhile, Northumberland has a days on market of 34. This suggests that properties in Northumberland are in very high demand, and buyers should act quickly if they find a property they like.
Finally, let’s look at the average sales for each region. Belleville and Northumberland both have strong sales activity, with 75 and 79 average sales. This is a reflection of the regions’ growing populations and economies, as well as their relatively affordable housing markets. Meanwhile, Quinte West has fewer average sales at just 20, likely due to its smaller size and more limited inventory. Finally, PEC has just three average sales, which is a reflection of its luxury market and limited inventory.
Overall, the Eastern Ontario real estate market appears to be stable and growing, with strong sales activity and relatively short days on market. While PEC’s high average sale price may limit its appeal to some buyers, it remains a popular destination for those looking for luxury properties or vacation homes. Belleville and Quinte West are likely to continue to see strong growth in the coming years, while Northumberland’s popularity and demand for properties is likely to remain high. As always, buyers and sellers should work with experienced real estate agents to navigate the ever-changing market conditions and make informed decisions.