Real Estate in Northumberland and Peterborough
Peterborough Real Estate Market Report - January 2022
Last update: February 4, 2022
The real estate market in the Peterborough region opened 2022 with a big jump in prices, combined with a shortage of inventory.
Take a look at the following chart, which shows detached home prices for the entire Peterborough district:
Selling prices reached a new all-time high in Peterborough, surpassing the mark set in December for all home types and also the record set for detached homes in December.
Prices had fluctuated after reaching a spring high in March. Since that time, however, prices have been consistently strong.
The following chart shows sale prices for all residential property types:
Sales volume for the Peterborough region has dropped to a low for the year since reaching a peak in May.
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 about 6% above list price at this time last year to well over list price this year, with the number in January eclipsing the previous high set in November.
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 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 April when this figure was about 1.1 for the region. It hit a new low in December - close to the 0.2 mark. It is now 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 reached a low point for the past year in December. They are still really low (about 75) - in August of 2015 they were 1028 - in 2011 they were 1258.
If you are considering selling your property, now 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
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