belleville ontario real estate quinte trenton foxboro stirling frankford madoc marmora Bob Foster

Real Estate News -

November 3, 2011

PRESS RELEASE from The Quinte & District Association of REALTORS® Inc.

Sales:

All property categories sold on the Quinte & District Association of REALTORS® Inc.’s MLS® System, for October 2011 decreased compared to October 2010, going from 264 units in 2010 to 211 units in 2011. The dollar volume of those sales decreased by 11.9%, from $51,298,666 for October 2010 to $45,210,001 for October 2011.

Listings:

There were 2,696 total active listings on the MLS® System in the Quinte area as of October 31, 2011, of which 1,796 were residential properties. Total active listings for the year are up, by 3.5% over 2010. All current properties can be viewed at www.quinte-MLS.com.

President’s Comments:

Total sales volume for the month of October is down slightly when compared to the same month last year. The year’s
sales figures are still strong with only a slight decrease in dollar sales of 2.3%. Almost 50% of residential sales were
between $150,000 and $250,000, and 68% of the area’s sales were under $250,000.

The Quinte region continues to benefit from a very stable and balanced real estate market. Our area has much to be proud of. Our local real estate market is only one indicator of a strong local economy. Home and other property sales, through the MLS® system are a significant contributor to any local economy. Industry studies show that each home sale contributes approximately $40,000 in additional spending on items other than the actual house and land.

Well priced properties are selling quickly and Buyers are advised to maintain close contact with their REALTOR® in order to catch the best buys. Sellers should be aware of this consistent demand. The fall market is 2nd only to the busy spring market for property sales. Good weather has made open houses busy. If selling is a possibility call your REALTOR® soon. Consult with them about the current value of your home and act quickly to get your home on the market. As we get closer to the holidays sales activity will typically slow down.
All of the activity reported here is generated by local member REALTORS®; licensed business people in your community who believe in the value of home ownership. REALTORS® are involved in your local communities as well as every service/volunteer organization you can imagine.

Learn about the difference a professional REALTOR® can make. Consult your local REALTOR® for local market expertise and answers. MLS® is a co-operative marketing system used only by Canada's real estate Boards & Associations to ensure maximum exposure of properties listed for sale and impeccable accuracy of information.

Full breakdown of sales during the month of October was as follows:

Also please note that these statistics represent the entire Association’s jurisdiction and statistics vary from area to area.
Visit our website at www.quinte-MLS.com.

The Quinte & District Association of REALTORS® Inc. serves the interest of 364 licensed real estate Agents in the Belleville, Quinte West, Prince Edward, Madoc, Marmora, Stirling, Tweed, Brighton, Campbellford/ Seymour, Colborne, and Deseronto areas as well as other adjacent communities.

Doug Peterson, 2011 President, Quinte & District Association of REALTORS® Inc is available for further comment at
613-827-1156.

For those who are trying to sell a home, you need to have every possible advantage working in your favour, so please check out my Internet Advantage Service Package. (This comment is not intended to solicit clients currently under contract to other brokerages.)

Little things mean a lot, so you might want to check out this Two-Minute Tip on how to prepare your home for an open house or showing.

If I can be of assistance to you either in looking for a property to purchase or in selling your home using the eight extra services I provide (see 8EXTRAthings.com), please give me a call and let me know how I can help.

Bob Foster

Direct cell line - 613 921 3933

Bob's Comments:

Yes, this may be one of the best times in the year to buy your new home!

If you scroll down to the section of my report on number of residential units sold, you will find that there are still 1796 residential homes listed for sale in our area, but the number of sales is way down, compared both to previous months and to the statistics for last year at this time.

That means that this is a real time of opportunity for buyers. You will still have a good selection of homes to choose from, mortage rates are very low, and you can beat all the competition that comes with the spring rush!

Please give me a call if I can help you find your next home. My direct cell line number is 613 921 3933.

***

Here is my complete report of market activity up to the release of the most recent statistics, for October 2011:

The Quinte and Region Real Estate Board statistics for October 2011 are now available and the data has been added to the longitudinal graphs I prepare each month.

Average Residential Sale Prices

Click to enlarge.

See complete stats for 2009 and 2010

After remarkable gains, both in volume and average residential sale price, peaking in the month of May, prices began to moderate in June but have continued to be fairly strong, building to an average residential sale price of $217,209 in August and $218,706 in September. In October average residential sale price fell prices fell only slightly to $214,265, but, to put this in context, that figure is quite encouraging to home owners because it is 10.3% higher than it was in October of 2010.

Number of Residential Units Sold

Click to enlarge.

The number of residential units sold in October was 168 which was down 25% from the sales in October of 2011, and down 24% from the 222 units sold last month in September. This, combined with fact that there were still 1796 active residential listings in October (meaning that fewer than one listing in ten was sold in this month) suggests that the market favours qualified buyers at this time.

Looking Ahead

Seasonal variation, most evident in the graph above, will invariably result in fewer sales as we approach the winter season, but overall, sale prices continue to be very strong.

This month, and the coming few months represent an opportunity for buyer who still have a good inventory of houses to choose from, but are not facing the competition in offers that will come with a more active market next spring.

Sellers need to make sure that their properties are properly priced to take advantage of this market, though, because the overall number of active residential listings at 1796, is still high, and buyers are choosing only the homes that offer them the greatest value for price.

Please check out the Internet Advantage Package of Services I offer to give your property the best possible exposure on the market.

- Bob

Cautions in Interpreting Residential Sale Statistics

The factors that affect the results for any particular month are numerous, and we can see temporary increases or decreases that are attributed to such things as the weather, or slight skews in the distribution of the types of properties being purchased. For example, in a market like ours where there are about 100 - 325 homes sold each month, the sale of a few homes worth over $1 million can have a substantial effect on the overall average.

Rather than focusing on the variation of an individual month or two, it's better to look at the overall trends, and think of the specific points on the graph as being something like marbles bouncing around inside a tube. As you shake the tube, at any particular moment an individual marble may be at the top of the tube, or the bottom, or somewhere in the middle. What is important is not the specific position of the marble, but whether or not the tube is slanted upwards, downwards or flat. The tube, in the case of this graph, of course, is time and it is by looking at the data over a longer period of time that we can decide whether the general trend is upwards, downwards, or flat.