What’s Happening in Quite & Beyond Right Now
Happy October Team Ballas family. Another month has come and gone and we are into the start of what may be a great Fall real estate market.
What We’ve Seen
Here at Team Ballas we have already seen signs of an improved market and an increase in consumer confidence. The Bank of Canada dropped their overnight rate by 0.25%, which dropped the interest rate for those of you with variable mortgages.
The drop is the first drop since March of this year and has more benefits than just variable rate mortgages.
The drop can also help with things like….
Lines of credit,
Credit cards
And even the fixed rate mortgages.
You see, if the main banks can borrow money from the Bank of Canada at a lower rate, then they potentially can pass on some of those savings to the consumer.
At any rate, here at Team Ballas, we have listed several new properties and we are doing regular evaluations for clients that are considering a sale in the near future, or just want to know what their home is worth today.
On top of that we have received accepted offers on 2 of our listings and we have successfully negotiated a great deal for one of our buyers, all just in the last few days here in October.
Monthly Statistics
In reference to the monthly statistics for September, things were very similar to that of August with the exception of a few regions that saw a pick up in number of sales and a drop in “months of inventory”.
Belleville and Quinte West areas remained relatively consistent in both the number of sold and the months of inventory.
By comparison, Brighton and Stirling had a few more sales for the month than August and that lowered the months of inventory a bit. Both are still seeing a Buyer’s market (in fact all areas are in a Buyer’s market) but the number went down a little, getting a little closer to balanced.
The big story was more in Prince Edward County. This is an area that Rochelle and I visit frequently and where we live currently.
The County has been busy with great concerts, excellent dining, stunning beaches and a bustling downtown area in Picton, Wellington and Bloomfield.
Even NOW in the fall season, the downtown cores are busy with locals and visitors alike, taking advantage of the unseasonal warm weather.
In Prince Edward County we are seeing a 53% increase in the number of sales (up from 32 in August to 49 in September).
Also, the months of inventory dropped from a high 10 months down to a more balanced 6.68 months of inventory, bringing it closer in line to other local regions.
October: Temperatures are supposed to stay on the warmer side and hopefully the Fall real estate market will follow suit.
If you want to see previous months stats or have Team Ballas over to do a market evaluation on YOUR home, don’t hesitate to reach out.
There are significant discounts to be had for all of you BUYERS out there as we have seen tremendous value in many of the local listings, and we are finding that negotiations are leading to some great deals. See you next month.
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