The Real Estate Market in Frontenac County, Summer 2021

Dawn Morden Sales Representative, Nadeau Real Estate Group, eXp Realty | Sep 22, 2021

The real estate market seemed exceptionally busy this summer in Frontenac County but it wasn't necessarily the volume of sales that made it that way. Sales were down 19% compared to last summer, and were 1% less than during the same time in 2019. So why has the market felt so pressurized.

Properties are selling faster. The number of days a property is available on the market has changed. This summer, vacant land was on the market for only half the time it was last year, and less than a third of the time than in 2019. Homes sold in two thirds of the time that they did last summer, and one third of the time that it took to sell a home in 2019.

Buyers have had less time to look around. Successful buyers had to know what they wanted, see the properties as soon as they came on the market, and be prepared to buy. Many had pre-approval for financing, and home inspectors ready to inspect their prospective properties with days or only hours notice. It's been a highly competitive market with the average home available for only 21 days. That's not as much time as it seems to be.

This year we've experienced a trend that previously was seen mostly in big cities: offer dates. Realtors use this strategy when there's a high demand to buy. A property goes on the market with a set date, usually one to two weeks from the listing date, for all offers to be presented to the seller simultaneously. At that time, the seller chooses which offer to accept. If there were no conditions in the offer, the property is considered sold. If there were conditions such as financing or inspection (which we've been seeing less frequently), the buyer has one to two weeks to take care of these things. Once that's completed, the property is considered sold. With one to two weeks to the offer date, and one to two weeks for conditions to be fulfilled, 21 days passes quickly.

In turn, this has increased the selling price of both vacant land and homes. The ratio of asking price to selling price has risen for vacant land from an average of 89% in 2019 to 99% this summer, and for homes from an average of 98% in 2019 to 105%. Gone are the days when buyers can offer less than the asking price and hope to get a good deal. There's often only one chance to buy, the offer date. If a buyer really wants a property, their offer is generally for an amount well over the asking price.

We love to know what's happening in our communities, so here's a breakdown of property sales and prices this summer in Frontenac County, as well as the average number of days properties were on the market, and the average percent of asking price they sold for. (This data is from the MLS on Sep. 20, 2021 and its accuracy a reflection of MLS reporting processes).

North Frontenac

9 vacant lots, of which 7 were waterfront. Price range $65,000 to $620,000 Sold in 31 days (on average), 94% of asking price (on average).

27 homes were sold, 24 were waterfront. Price range $223,000 to $1,050,000. Sold in 25 days. 98% of asking price.

Central Frontenac

17 vacant lots, 6 were waterfront. Price range $48,000 to $142,450. Sold in 32 days. 103% of asking price.

41 homes sold, 18 were waterfront. Price range $120,000 to $1,300,000. Sold in 27 days. 106% of asking price.

South Frontenac

16 vacant lots, 7 were waterfront. Price range $72,500 to $420,000. Sold in 41 days. 101% of asking price.

90 homes sold, 34 were waterfront. Price range $125,000 to $1,500,000. Sold in 18 days. 106% of asking price.

Addington Highlands

12 vacant lots sold this summer, one was waterfront. The price range was $29,000 to $275,000. They were on the market an average of 57days and sold for an average of 94% of asking price.

Last year at the same time, 10 lots sold, three were waterfront. They were on the market an average of 75 days and sold for an average of 88% of asking price.

23 homes sold this year, 8 were waterfront. The price range was $111,000 to $785,000. They were on the market an average of 42 days and sold for an average of 96% of asking price.

Last year at the same time, 39 homes sold, 25 were waterfront. They were on the market an average of 41 days and sold for 102% of asking price.

The trends we saw in the market this summer are expected to continue. Many people are still hoping to buy and sell property before winter. Here's a breakdown of what's currently for sale.

North Frontenac

13 vacant lots, 7 are waterfront. Price range $74,500 to $12,000,000. 21 homes, 15 are waterfront. Price range $270,000 to $1,200,000

Central Frontenac. 21 vacant lots, 15 are waterfront. Price range $69,000 to $1,589,000. 17 homes, 10 are waterfront. Price range $130,000 to $1,695,000.

South Frontenac. 27 vacant lots, 14 are waterfront. Price range $74,995 to $1,900,000. 36 homes, 15 are waterfront. Price range $249,000 to $3,890,000.

Addington Highlands: 13 vacant lots, 5 are waterfront. The price range is $20,000 to $699,000.

16 homes for sale, seven are waterfront. This price range is $239,900 to $10million

The increased demand for buying real estate here is understandable to those of us who live here, because we know what an exceptional place we live in.