The local real estate market continues to be hot, especially when it comes to new, higher priced homes.
According to the Quinte District Association of Realtors, multiple sales in the pricier end of the market drove up the average residential price to over $306,000 last month, up 16.2% from May of last year. At that time, the average sale price of a residence was close to $264,000.
The number of residential units sold last month was 474, up slightly from a year ago.
Meanwhile, the number of homes up for sale is almost 50% lower than in May of 2016, making for a seller’s market.