November market update

Prince Edward County stayed firmly in seller’s market territory in November. Forty-four homes sold during the month, a 5-year high representing an increase of 42% over November 2015.

PEC Sales 2016-11.jpgThe number of homes listed for sale at the end of November was down 41% from the same time last year to 155, another 5-year low.

PEC Listings 2016-11.jpgMonths of inventory is a widely-used measure of the balance between supply (number of homes listed at end of month) and demand (sales for the month). The months of inventory for November fell 41% compared to last year, yet another indication of the excess of demand over supply.

PEC Months Inventory 2016-11.jpgWith continued strong demand and limited listings, it’s no surprise that the percentage of homes selling in the first month on the market increased from 20% last November to 32% during  PEC Month or Less 2016-11.jpg

As a broker representing only buyers, I believe that it is important for potential purchasers to research the market thoroughly before looking at homes so they can make sound decisions, rapidly.