Transitions-Oakville, Burlington and Mississauga Real Estate Blog: Quinte Area Market Up Over 11 % From 2006.

Real Estate blog about property, home buying and selling, life in Burlington, Oakville and Mississauga Regions of Ontario, Canada.

Quinte Area Market Up Over 11 % From 2006.

The Quinte area real estate market has risen  by approximately 11.5 % to the end of July of this year compared to the same time period in 2006.
There is a shortage of listings and many properties are receiving multiple offers on  the day they are listed or the day they are open to offers.

I am seeing more and more properties coming on the market with 'no showings or offers allowed until such and such a date' on them.
This is very frustrating to my buyers and I feel it does a disservice to the seller of the property. There may be numerous buyers who will go elsewhere and buy something else rather than wait on a property only to be in competition with numerous other buyers the day the showings finally start. I never recommend this for any of my sellers.

 A two or three day 'no showing' period may be somewhat
beneficial, however I would say that allowing showings immediately and stating that there will be no offers viewed until perhaps two to three days into the listing, would serve the purposes of the seller (to get the most amount of money in the shortest time possible ) to a much greater degree.

To the end of July of this year, 2,469 property units have sold in the Quinte board.  I also noticed that we did not experience our usual lull in market activity this July like we normally do, so I was not surprised when  I read the stats released by the Quinte and District Real Estate Board stating that 339 units sold in July 2007 compared to 285 units in July '06.

We are having one of the most active markets in all of Ontario and are only slightly behind Parry Sound, Clarington, Newcastle area and Bowmanville.

The main reasons we are seeing such a booming market in our area are

1. numerous retirees from other regions, particularly cities,  choosing our area to retire in.

2. The expansion of CFB Trenton bringing with it a great amount of new postings to the Quinte area.

3. Excellent employment prospects with new industry such as Kelloggs choosing to locate here.

4. An influx of people moving here from other countries due to the culture, natural beauty, community facilities, tourism exposure, etc.

5. Many young families whose bread-winne rs work within driving range cities are choosing to relocate here and commute to work daily via carpools, etc.

6. We are still one of the most reasonably priced markets in southern Ontario. The average purchase price for a home here has risen to $195,115 as compared to the average being $180,816 in 2006.  This is particularly attractive  for young families, first-time buyers, retirees and single people .

I am currently searching for numerous properties for my buyers and having a difficult time finding suitable listings. If you have a property you are considering selling, please don't hesitate to contact me via email or by phone. You just may have a property one of my buyers is looking for !

Jo-Anne Smith, Sales Representative
Royal Lepage Proalliance Realty, Brokerage
613-922-5978 Direct
613-966-6060 Office 


There You ARE!  I've Been Waiting For You!!!
Let's Get to Know One-Another:

Comment balloon 6 commentsJo-Anne Smith • August 13 2007 09:55AM

Comments

OK Jo....what's wrong with this picture? You are looking fro Sellers....!!!

Send those Buyers South! I'd be glad to help....LOL

Posted by Joan Mirantz, Realtor, GRI, CBR, SRES - Concord New Hampshire (Homequest Real Estate) about 12 years ago

Joan, I have been thinking about that all day, ever since posting this. It's a shame that all of you have too many listings and up here we can't get enough listings. We have the buyers, you have the sellers....hmmm.

Just a small matter of a border between us....and job requirements. I think it will turn around in the USA, Joan. It may take a few months, however I think next year will be a lot better.

If I could, I would send lots of buyers your way.  ((-:

Jo 

Posted by Jo-Anne Smith about 12 years ago

Jo-Anne,

Wow, sure sounds like you have a strong market going on there.

As for the "no showing or offers for days" I've been told (although not experienced it personally) areas of Northern California did the years ago during a big boom in the market. I think it was primarily the Silicone Valley, high tech area near San Francisco. This was fairly common at the time, that is until the tech melt-down.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) about 12 years ago

Lynda, thanks for stopping by.  That kind of 'no showings til...' thing comes and goes here. It usually follows what is happening in the Toronto REB, about 2 hours from us.  Most sales reps around here frown upon it, yet there are still the die-hards who love using it .   It likely came up here to our metropolitan areas from Northern Cal.  now that you mention it.

Yes, the market is pretty strong. We are experiencing a surge in growth in this area with so many industries moving in and the air base moving hundreds of families here from other areas. In addition, people love to retire here due to the wineries and culture, etc. It's a pretty amazing area to live in. 

Jo 

Posted by Jo-Anne Smith about 12 years ago
Hi Jo,
It appears your market is doing pretty well there in Ontario.  Lots of luck to you finding properties for your buyers.  As Joan remarked, it's the buyers we are looking for.  Good post.
Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) about 12 years ago

Thanks , Cynthia !

This area is experiencing an influx of people due to the numerous factors mentioned above.  It does appear to be an overall trend for Canada right now. Our economy is quite strong and there are many people around the world trying to move here. Some are succeeding, although I believe the immigration rules are still pretty stringent.

Jo 

Posted by Jo-Anne Smith about 12 years ago

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