4th Quarter 2019: New Home Sales, Prices Up

New home sales continued their increase in the fourth quarter of 2019 while the average home price in Prince Edward Count was up for the fifth year in a row.

Supply: listings up from last year

Chart shows the average number of Prince Edward County homes listed for sale on MLS during the fourth quarter from 2015 to 2019.

Listings for re-sale homes were up marginally from the 4th quarter last year, while listings of new homes increased by 19%. All in all, the selection available for buyers was about the same compared to 2018: the increase in new homes listed reflects a greater number of units listed, not a greater variety.

Demand: new home sales up significantly

Image shows MLS home sales for Prince Edward County for the fourth quarter from 2015 to 2019

Overall, demand was up slightly for re-sale homes in the fourth quarter but up significantly for new homes. Sales in the quarter continued the trend which started a year earlier, with newly build homes accounting for an increasing proportion of total home sales. (For more in-depth coverage, see Special Report: The Changing Face of County Real Estate.)

Discounts: no big change from last year

Chart shows the average discount from listing price for re-sale homes sold in Prince Edward County.

Most homes in the County sell for less than the listing price –in other words, at a discount. On average, re-sale homes sold at a discount of 4.3% off the listing price, pretty much the same as a year earlier.

Days on market: homes selling more slowly

Chart shows the number of days on market that Prince Edward County homes took to sell on MLS during the fourth quarter from 2015 to 2019.

For re-sale homes sold during the final quarter, the average days on the market increased significantly form 2018.

Prices: average price up 14% for re-sale homes

Image shows the increase in average price of Prince Edward County homes sold on MLS in the fourth quarter from 2015 to 2019.

The average price for re-sale homes sold in the fourth quarter was up by 14%, a continuation of the increase seen over the last five years. While Toronto property values declined in the aftermath of the 2016-17 bubble, the average price for County homes continued to increase.

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