Sellers getting closer to listing price

In an earlier posts I discussed how Prince Edward County detach home listings fell to a 5-year low in February and how homes were selling more quickly as a result, particularly in Picton and Wellington.

If you are in the market for a County property, you will likely have to move more quickly than in the past to get the property you want.

Selling to Listing 2016-03-03.jpg

The listing shortage is also having an impact on prices. For the last 5 years, County homes sold, on average for between 95.0% and 95.5% of listing price. In the first two months of 2016 the selling to listing price ratio jumped to 95.8%, the highest in five years.

The average is the mid-point. The selling to listing price ratio for the individual homes sold in the first two months of the year varied from a low of 79% to a high of 105%.)

If you are a prospective buyer in the County, it looks like you’ll have to be prepared to offer a little more that in the past this spring.