Prince Edward County Market Snapshot â July to September 2017
Prince Edward County Market Snapshot – July to September 2017 Summary: Since peaking in May 2017, the Prince Edward County real estate market has cooled significantly. Since May, the market had largely returned to historical normal by the end of September (though sales actually fell below the 3-year average during the 3rd quarter). The bottom line: selection is still limited, but buyers face a much more favorable market than earlier this year.
Detached Home Sales 80 70
60 50 40 30
20 10 -
Avg. 2014-16
2017
Home sales in the County follow a consistent seasonal pattern, peaking in June, followed by a progressive decline into the winter months. For the first five months of 2017, the number of houses sold was significantly higher than in the previous three years. However, sales have declined since May to the point where monthly sales during the 3rd quarter were below the average level of the previous three years.
Not intended to solicit anyone under Buyer Representation Agreement with another brokerage. © 2017 Treat Hull & Associates Ltd., Brokerage May be used with citation.
Prince Edward County – Market Snapshot: July to September 2017
2
Inventory - End Month 600 500
400 300
200 100 -
Avg 2014-16
2017
Inventory -the number of homes available for sale- continued to track well below historical levels during the 3rd quarter. Choice remained limited for would-be buyers.
% Homes Selling For Listing Price or Over 60% 50% 40% 30% 20% 10% 0%
2017
Averge 2014-16
Historically, approximately 10% of County homes sold at or above listing price. During the hot seller’s market in the spring that increased to over 40%. As the market cooled after the May peak, the percentage fell back to its normal level where less than 1 in 10 homes sell at or above listing price.
Prince Edward County – Market Snapshot: July to September 2017
3
Homes Selling in A Month or Less 80% 70% 60%
50% 40% 30% 20% 10% 0%
Average 2014-16
2017
Similarly, after reaching an all-time high in May, the percentage of homes selling in a month or less fell in September back to historical levels for this time of year. Selling to Listing Price 102% 101%
100% 99% 98% 97%
96% 95% 94%
93%
2017
Average 2014-16
During April and May, an all-time high was reached for the selling-to-listing price ratio with houses selling on average for just over 100% of listing price. Since then, as the market cooled, the sellingto-listing price ratio returned to its historical level of 95 to 96% in September. Buyers can typically expect more bargaining room on price than during the hot spring market.
Treat Hull & Associates, Ltd., is a County real estate brokerage with a difference: we don’t take listings and we serve only buyers. By representing only buyers, we can act in your best interests without compromise or qualification. For further information, contact Treat Hull, Broker of Record, Treat Hull & Associates Ltd., Brokerage at 613-503-0027 or [email protected].
Detached Home Sales 80 70
60 50 40 30
20 10 -
Avg. 2014-16
2017
Home sales in the County follow a consistent seasonal pattern, peaking in June, followed by a progressive decline into the winter months. For the first five months of 2017, the number of houses sold was significantly higher than in the previous three years. However, sales have declined since May to the point where monthly sales during the 3rd quarter were below the average level of the previous three years.
Not intended to solicit anyone under Buyer Representation Agreement with another brokerage. © 2017 Treat Hull & Associates Ltd., Brokerage May be used with citation.
Prince Edward County – Market Snapshot: July to September 2017
2
Inventory - End Month 600 500
400 300
200 100 -
Avg 2014-16
2017
Inventory -the number of homes available for sale- continued to track well below historical levels during the 3rd quarter. Choice remained limited for would-be buyers.
% Homes Selling For Listing Price or Over 60% 50% 40% 30% 20% 10% 0%
2017
Averge 2014-16
Historically, approximately 10% of County homes sold at or above listing price. During the hot seller’s market in the spring that increased to over 40%. As the market cooled after the May peak, the percentage fell back to its normal level where less than 1 in 10 homes sell at or above listing price.
Prince Edward County – Market Snapshot: July to September 2017
3
Homes Selling in A Month or Less 80% 70% 60%
50% 40% 30% 20% 10% 0%
Average 2014-16
2017
Similarly, after reaching an all-time high in May, the percentage of homes selling in a month or less fell in September back to historical levels for this time of year. Selling to Listing Price 102% 101%
100% 99% 98% 97%
96% 95% 94%
93%
2017
Average 2014-16
During April and May, an all-time high was reached for the selling-to-listing price ratio with houses selling on average for just over 100% of listing price. Since then, as the market cooled, the sellingto-listing price ratio returned to its historical level of 95 to 96% in September. Buyers can typically expect more bargaining room on price than during the hot spring market.
Treat Hull & Associates, Ltd., is a County real estate brokerage with a difference: we don’t take listings and we serve only buyers. By representing only buyers, we can act in your best interests without compromise or qualification. For further information, contact Treat Hull, Broker of Record, Treat Hull & Associates Ltd., Brokerage at 613-503-0027 or [email protected].
