Prince Edward County new home sales continued to grow between June and September 2019, while the median price for homes sold during the quarter continued to increase.
Listings Grow, Fueled by New Homes
Far more homes were listed for sale on MLS during the third quarter of this year compared to last year. However, this overlooks a trend that we’ve seen since early this year. Listings for resale homes are up modestly, while listings for new homes have exploded since last year.
A caution note about new homes: MLS listings for new homes are not usually for a home that’s already been constructed. Instead, most such listings mean that the developer has a lot available and could build. Thus there are not large numbers of new homes in physical inventory weighing on prices.
Existing Home Sales Flat, New Homes Up
Sales of re-sale homes were essentially flat for the third quarter when compared to last year at the same time. Sales of new homes increased significantly during the same time period.
Homes Sold (Slightly) More Quickly
Home sold somewhat more quickly during the third quarter. On average, homes listed on MLS took 41 days to sell compared to 44 days last year.
Selling-to-Listing Price Ratio Reached All-Time High
The selling-to-listing price ratio an all-time high during the third quarter of 98.4%. Put another way, on average, County homes sold for 98.4% of list price during the June-September period.
Median House Price Continued to Climb
The median single-family house price in Prince Edward County continued to climb during the third quarter to $466,000, up 11% from the same time last year.