Peterborough and the Kawarthas Association of REALTORS® Inc. MLS® home sales post lowest annual totals in nearly three decades
The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 75 units in December 2022. This was a sharp decrease of 16.7% (15 sales) from December 2021.
Home sales were 15.5% below the five-year average and 20% below the 10-year average for the month of December.
On an annual basis, home sales totaled 1,963 units over the course of 2022. This was down sharply by 26.3% from the same period in 2021.
“Home sales in December 2022 came in below average levels, marking a subdued finish to a subdued year. Annual sales in 2022 came in at the lowest totals since 1996,” said Jessica Hill, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “We’ve seen the beginnings of what might be a slow and steady rebound in sales activity, although the winter months are difficult to track the momentum of trends due to the low volume of sales and listings. If new listings continue holding up as well as they have so far, by the time spring comes around we’ll have a well-supplied market with hopefully more buyers returning from the sidelines.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite/single-family benchmark price was $649,700 in December 2022, a moderate decrease of 4.8% compared to December 2021.
The average price of homes sold in December 2022 was $592,432, a substantial decrease of 25.1% from December 2021.
The more comprehensive annual average price was $776,986, a moderate gain of 8.5% from all of 2021.
The dollar value of all home sales in December 2022 was $44.4 million, a substantial reduction of 37.6% from the same month in 2021.
The number of new listings saw a gain of 27.9% from December 2021. There were 78 new residential listings in December 2022.
New listings were 2.6% above the five-year average and 7.6% below the 10-year average for the month of December.
Active residential listings numbered 241 units on the market at the end of December, more than double the levels from a year earlier, increasing 435.6% from the end of December 2021.
Active listings were 36.8% above the five-year average and 17.6% below the 10-year average for the month of December.
Months of inventory numbered 3.2 at the end of December 2022, up from the 0.5 months recorded at the end of December 2021 and on par with the long-run average of 3.2 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
There are 700+ real estate professionals in the Peterborough and the Kawarthas Association of REALTORS® Inc. Members adhere to a strict code of ethics and the highest professional standards of the real estate industry. Peterborough and The Kawarthas Association of REALTORS® Inc. covers all of Peterborough County including members in the city of Peterborough and the communities of Ennismore, Bridgenorth, Lakefield, Millbrook, Norwood, Apsley, Bancroft as well as other adjacent rural communities.