Housing market slows, but prices rise

Sales down from last year, but prices hit a new high, and the number of listings jumps

Town homes under construction in Campbellford.

Twenty homes sold in Trent Hills last month for an average of $712,688, up 11.7 per cent from a year ago, according to data from the Central Lake Association of Realtors.

In 2023, 24 homes sold. The number of active listings increased from 80 in 2023 to 134 this June. The report shows a 39 per cent increase in the number of days properties are on the market before selling – 43 days this year, up from 31 last year.

But sellers are getting 99 per cent of their asking price, up slightly from 98.6 per cent a year ago.

 “The recent interest rate cut was expected to encourage some buyers to enter the market,” said Vicki Sweeney, president of the realtors’ association. “However, it appears many are still waiting for further cuts. As a result, the number of days on market has increased across our region, leading to a rise in active listings.”

The trends were different for Northumberland as a whole. The average sale price this year was $748,535, down 1.2 per cent from $757,345 last year. But sales were up 41 per cent to 154 from 109. The number of active listings rose to 605 from 332 in 2023.

In May, the median price of 21 homes sold in Trent Hills was$686,900, up from $622,500 in April.

So far this year, there have been 116 sales in Trent Hills with a median price of $595,000 and an average of $650,833. All but two of the sales have been detached homes. The average length of time for a home to sell has been 41 days.