Quinte West’s real estate market has been marked by fluctuations in home prices and shifting inventory levels over the past several months. Recently, we’ve seen signs of renewed buyer interest, with prices rebounding and inventory levels balancing out. While homes are taking slightly longer to sell on average, sellers continue to receive offers close to their asking prices, suggesting a stable demand. Overall, the market shows a mix of opportunities for both buyers and sellers as we move forward through 2024.
Home Prices: Rebound After a Bumpy Ride
Quinte West’s home prices have seen notable swings this past year. Since hitting a low of $460,000 in December 2023, prices have gradually rebounded, now reaching $580,000 in August 2024, up 13.1% from July. This is a significant recovery and a return to the price levels seen exactly a year ago. Year-over-year, prices remain flat, with zero change compared to August 2023, but the recent uptick suggests that confidence is returning to the market.
Sellers in Quinte West are still seeing strong offers, with the sale price to list price ratio holding steady around 98-99% for most of the year. This consistency suggests that while buyers may be taking longer to make decisions, they are still willing to meet sellers’ expectations when the right property comes
Sales: Steady Activity Amidst Shifting Market Conditions
Sales in Quinte West have remained steady despite the changing market dynamics. August 2024 saw 61 homes sold, slightly above the 60 homes sold in July and 59 in June. The steady sales volume suggests that buyer demand remains consistent, even as prices fluctuate. Compared to this time last year, sales saw an uptick of 15%, indicating continued interest in the market.
Months of Inventory: Balancing Out
Months of inventory, which measures the balance between supply and demand, have been fluctuating throughout the year. After a low of 1.7 months in February, inventory levels have risen, peaking at 3.4 months in June 2024 and have since balanced out to 3.0 months in July and August, signalling a balanced market but the beginning of a move in the direction of a more seller favoured market.
Days on Market: Buyers Taking Their Time
Homes in Quinte West are taking a bit longer to sell compared to earlier this spring but an improvement over this time last year. The average days on market (DOM) has increased to 33 days in July and to 39 days in August 2024. This trend reflects buyers are taking their time to explore their options before making a purchase but still moving quick when the right property comes around.
What Does This Mean for You?
- For Buyers: The current market offers a good range of options with stable prices, giving you the opportunity to carefully assess and negotiate for a property that meets your needs. The market is balanced, providing a good environment for making thoughtful decisions.
- For Sellers: While the market is showing signs of balance, buyers are still active and looking for well-priced homes. Competitive pricing and positioning will be key to attracting serious offers, especially as buyers become more discerning.
Looking Forward:
As we head into the latter half of 2024, Quinte West’s market is expected to continue its balanced trajectory, with steady activity from both buyers and sellers. Staying informed about these market trends will be crucial for making smart decisions, whether you’re looking to buy or sell in the coming months.
