Residential listings in Prince Edward County fell to a six-year low at the end of June, down 40 percent from the same time last year. The tight market has been most clearly reflected in the time which it takes houses to sell, where the average number of days on the market needed to sell a home fell by a third compared to last year.
So far there has not been runaway price inflation in the County, but that could change rapidly if demand continues at the current levels.
There are still homes (and businesses) available which represent good value, but prudence is in order in today’s market where it would be easy to get caught up in the general euphoria:
- With limited listings, patience is in order to find a desirable property at a suitable price.
- At the same time, when you find the right property, be prepared to act quickly to avoid disappointment.
- Finally, while you are waiting for your ideal candidate to come along, use the time to look at representative properties and research the market thoroughly ahead of time so you can make a well-grounded decision when the time comes.