Prince Edward County stayed firmly in seller’s market territory in November. Forty-four homes sold during the month, a 5-year high representing an increase of 42% over November 2015.
The number of homes listed for sale at the end of November was down 41% from the same time last year to 155, another 5-year low.
Months of inventory is a widely-used measure of the balance between supply (number of homes listed at end of month) and demand (sales for the month). The months of inventory for November fell 41% compared to last year, yet another indication of the excess of demand over supply.
With continued strong demand and limited listings, it’s no surprise that the percentage of homes selling in the first month on the market increased from 20% last November to 32% during
As a broker representing only buyers, I believe that it is important for potential purchasers to research the market thoroughly before looking at homes so they can make sound decisions, rapidly.