Shortage of listings limits July sales

The number of detached homes sold in Prince Edward County during July 2016 fell by 14% compared to the same month last year, but this fall in sales does not mean that the County market is cooling off.

PEC Sales for Month 2016-07.jpg

Home sales year to date are actually up 16% compared to last year, an all-time high for the first 7 months of a year.

PEC Sales YTD thru July.jpg

It’s not reduced demand that accounts for the sales downturn in July. Instead, it’s likely the effect on an acute shortage of listings which fell to a 6-year low at the end of July, down 36% from the same time last year.

PEC Listings End 2016-07.jpg