The stats for August 2007 home sales on the Quinte & District Real Estate Board have just recently been released and it appears the market is continuing to be strong with some impressive increases over last year.

The average residential price for Quinte Real Estate in August 2007 was $204,586. and increase of 8.2% over August 2006 ($181,084). The number of residential sales was 318 compared to 315 in August 2006.

One of the reasons for the increase in value is directly related to the laws of supply and demand. There has been an overall drop of 4.4% in the total number of listings on the board so far this year when compared to 2006. With the strong demand for homes across all price ranges and a smaller supply of homes (in the number of listings) has result in significant price increases. This, along with a strong economy has helped push prices up. Here in the Quinte Real Estate market the total number of sales so far this year is 2,791 , up 12.8% over the same period in 2006.

Back in June and July of this year many analysts believed there would be a further 1/4% increase in the Bank of Canada's overnight rate resulting in higher mortgage rates but with the economic problems being experienced in the United States as well as a possible interest rate drop down there, analysts now believe that the rate here in Canada will hold steady over the short term.

If the Fall market continues like the rest of the year, we could be in for some amazing annual figures come December 31st. It will be interesting to see if the econmic problems south of the border will start to effect us up here in Canada and what the impact will be on the housing market. 

Proudly selling Quinte Real Estate.