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
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
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
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
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
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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