The statistics for The Quinte & District Real Estate Board have been released for June 2007 and the strong market trends have continued. The first half of the year has seen strong sales along with a reduction in the number of listings resulting in a rather hot market.

The average residential price on the board for June 2007 rose to $208,123, an increase of 15.4% when compared to the same month last year. The average residential price for the first half of 2007 was $195,354, a 8.5% increase when compared to the $180,053 average price for the first half of 2006.

The absorption rate for homes, which is the number of months it would take to sell the current number of residential listings given the current monthly sales, is less than 4 months. This indicates a true Seller's market, a trend that has existed since the first part of the year. 

Now that the Bank of Canada has increased the Overnight Rate by 0.25% to 4.50% with another anticipated 0.25% increase in September 2007 on the horizon, it will be interesting to see if the current market trends for Quinte Real Estate will continue.

I'll keep you posted.

Proudly selling Quinte Real Estate.