The local real estate market seems to be levelling off as sales declined in May and new listings surged.
The Quinte and District Association of Realtors reports 399 units were sold last month, a 25.7% decrease from May 2021.
On a year-to-date basis, home sales totalled 1,730 units over the first five months of the year, down 20.5% from the same period in 2021.
Association President Valerie Miles says levels are now more in line with what would be considered typical for this time of year.
The average price of homes sold in May 2022 was $685,583, up 13.9% from the year before.
The more comprehensive year-to-date average price was $741,236, increasing by 23.1% from the first five months of 2021.
Miles says new listings surged to a new May record bringing some much-needed relief on the supply front.
There were a record 810 new residential listings last month, an almost 21% increase over May of last year.
Active residential listings numbered 726 units on the market at the end of May, a substantial increase of 47.3% over the year before.
