Real Estate in Northumberland and Peterborough
Peterborough Real Estate Sales Report - August 2021
The real estate market in the Peterborough region has experienced strong price growth over the past few years.
Take a look at the following chart, which shows detached home prices for the entire Peterborough district:
Selling prices continue to perform at close to all-time highs in Peterborough.
Prices have fluctuated after reaching a high in March. Since that time, however, prices have been consistently strong.
The following chart shows sale prices for all residential property types:
Another common benchmark is called SPLP or Selling Price to List Price. It measures the sale price of a property in relation to its listed price.
As you can see in the following chart, properties have gone from selling at list price at this time last year to well over list price this year, with a peak in March.
The Peterborough market has been in a strong seller's market for some time, indicating 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 whern 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 last August when this figure was about 1.8 for the region. It hit a low in December - close to the 0.4 mark and now is close to 0.9. It is still a very strong seller's market.
The following chart shows active listings (how many homes are for sale) in the Peterborough region.
The number of active listings hit a low point for the past year back in December. They are still really low (about 220) - in August of 2015 they were 1028 - in 2011 they were 1258.
If you are considering selling your property, this fall 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