Although fall doesn’t technically start until later in the month, many of us mark the season with Labour Day, kids going back to school, and life going back to “normal” after a few months of heat and bliss. With the shift to Fall, changes to the real estate market, trends, and inventory are inevitable.

Before COVID, we’d tell you all about the typical shift in the Quinte area real estate market: Traditionally lower inventory towards the end of August and a slight pickup at the end of September that will carry the fall market into Winter. But this year and last have been very different than those traditional patterns.

The average price of housing has skyrocketed, the way buyers are shopping for homes has changed, and the number of home sales is exponentially higher than in previous years.

fall scene birch trees in quinte area real estate fall market outlook 2021

Here’s what you can expect this fall:

2021 is an anomaly in real estate. While many predicted the market would crash and crumble (cough-cough, CMHC) those predictions swiftly shifted to reflect massive growth in smaller and more rural communities within a 2-hour radius of large cities, like Toronto.

Despite much growth and minor shifts in availability due to our several lockdown phases, 

the overall trends for this year have mirrored the normal peaks and valleys we see annually: a chaotic spring market, slower end of summer, and now as we gear back to more normal routines, significantly less inventory.

Sales and pricing strategies are beginning to shift in our market to reflect proper market value as opposed to low price tags designed to fuel multiple offers and bidding wars. Of course, that’s not a rule but the shift is happening.

Fewer listings at this time of year means that there are still situations and properties, especially in the under $500,000 range, where there are multiple buyers placing offers on homes. However, more and more we are seeing homes sit on the market longer than their anticipated offer dates or, allowing offers at any time usually with a request for 24-48 hour irrevocable periods.

fall scene birch trees in quinte area real estate fall market outlook 2021

How the fall market will play out largely depends on the number of people returning to in-person office environments, future possible lockdowns, and the long-term accessibility of homes in the Quinte, Trent Hills, and Prince Edward County real estate markets.

As we continue to move into uncharted real estate territory while recovering from a year and a half of pandemic it’s important to ensure that you are fully prepared for competitive situations.

Making sure that you have spoken with a mortgage broker about your financing abilities, understanding market trends by keeping an open line between you and your REALTOR, and staying on top of new listings that meet your criteria will help you navigate and succeed in the fall real estate market ahead.

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