News & Market Update

PRESS RELEASE FROM THE QUINTE & DISTRICT REAL ESTATE BOARD INC.


Sales:

Dollar sales, for all categories in the month of November, 2009 increased by 113.5%, going from $20,690,424 in 2008 to $44,163,840 in 2009. The Residential sales for November, 2009 increased by 89.3%, going from $19,801,310 in 2008 to $37,485,540 in 2009.

Listings:
The number of new listings, year to date, decreased 9.0%, from 7,500 in 2008 to 6,827 in 2009. The new Residential listings for the month of November increased from 280 in 2008 to 296 in 2009.

PRESIDENT’S COMMENTS:
The news just keeps getting better for the Real Estate industry and the economy. For the 5th consecutive month sales have been up in the Quinte and District Real Estate Board. Overall sales for the month of November were up 75% over last year, as 2008 was a very slow autumn due to the economy. We are now back to normal for this time of the year with 223 sales for 2009 versus 127 sales for 2008. The $100k to $300k is still the strongest category of the market and will likely remain so for the foreseeable future. Continuing with very low interests rates, and the HST on the horizon, we can expect an aggressive spring, as Purchasers want to get into the market ahead of extra expenses.

$0 to $99k 37 units representing 17% of sales
$100k to $199k 98 units representing 44% of sales
$200k to $259k 38 units representing 17% of sales
$260k to $399k 39 units representing 17% of sales
$400k to $499k 7 units representing 3% of sales
$500k + 4 units representing 2% of sales

As of November 30th the following listings were available for purchase: 1,551 Residential; 162 Farms; 493 plots of vacant land and 172 Commercial Properties. The Average Residential Sale price for properties for the year is up in 21 of the 34
Districts in the Quinte Board. The 2009 year did get off to a slow start, but we are almost back to the 2008 sales level and only 1% behind in Dollar volume to date. The new year of 2010 looks to be a very exciting and challenging year, with an expected steady increase in Sales forecasted. December sales so far are keeping abreast of November sales, which is
excellent, as the last two weeks of December are usually a slower period of time over the Holidays.
The Quinte & District Real Estate Board serves the interest of 382 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.

WISHING YOU A VERY MERRY CHRISTMAS
AND A HAPPY NEW YEAR
FROM THE STAFF AND REALTORS® OF
THE QUINTE AND DISTRICT REAL ESTATE BOARD

Roy Millar
President