Real Estate in Northumberland and Peterborough
Northumberland Real Estate Market Report
Last updated: January 4, 2022
The real estate market in Northumberland has shown resilience for homeowners in 2021, reaching a new all-time price record in December.
Take a look at the following chart, which shows detached home prices for the entire Northumberland district - including these places:
Cobourg, Port Hope and Brighton Real Estate Sale Prices for Detached Houses
Selling prices had receded from an all-time high for Northumberland set in September, but jumped substantially in December.
Northumberland prices had dipped in August after spiking in July, then jumped in September. Since February, prices have been consistently strong.
The following chart shows sale prices for all residential property types:
Sales volume for the Northumberland region has dropped to a low for the year since reaching a high for 2021 back in March.
Another common benchmark is called SPLP or Selling Price to List Price. It measures what properties are selling for in relation to their listed price.
As you can see in the following chart, properties have gone from just above list price at this time last year to well over list price this year, with a peak in March.
The Northumberland market has been in a strong seller's market for some time, meaning that market conditions favour sellers over buyers.
The following chart shows months of inventory (MOI), which is the amount of time it would take for listings to sell out if no new listings were added.
A seller's market is indicated when MOI is below 5. A balanced market is between 5 and 7, and a buyer's market is over 7 MOI.
The highest point in the past year was in June/July when this figure was about 1.2 for the region. It hit a low in January - close to the 0.6 mark and now is close to the same. It is still a very strong seller's market.
Here's a look at active listings, or the number of properties for sale in Northumberland:
This chart shows inventory levels over the past year. December levels (just under 80) are at the lowest level for the year. Consider that in August 2014, the number of active listings was 1112 and in August 2011 the number was 1326. Those numbers show how very constrained the market is this year.
If you are considering selling your property, it is a very good time.
Should you be looking to buy, it can be very competitive. Multiple offer situations are very common, so it pays to be well prepared. Speak with your lender to get a pre-approval, and work with an experienced Realtor to research listings and review recent sales of similar properties.
If you are interested in information on a specific area, please reach out to me anytime!
John Owen, Broker
RE/MAX Impact Realty, Brokerage