January Market Picks Up Speed

Following a slight slowdown during the fall, home prices took off again in January with the average price increasing 25% over a year earlier.

After slowing somewhat during the fall, resale home prices in Prince Edward County accelerated during the first month of 2022 with an increase of 25% year-on-year.

On another front, 62% of all January homes sales were new homes, the first time that new homes sales have ever exceeded re-sales. As recently as 4 years ago, new home sales made up less than 10% of the homes sold.

Given the shortage of listings for resale homes and the increasing number of large subdivisions plan, this is a trend that is likely to continue.

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