Peterborough housing market slows in April due to COVID-19 public health guidelines; average price hits record high
Residential home sales activity recorded through the MLS® system for Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 91 units in April 2020. This was a decline of 58.1% from April 2019.
On a year-to-date basis, home sales totalled 593 units over the first four months of the year. This was down 9% from the same period in 2019.
“Home sales and new listings in our local housing market went through a freeze similar to most other parts of the country during April as both buyers and sellers practiced social distancing and isolation to stem the crisis,” said Chiarina Payne, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “REALTORS® have been classified as an essential service to help home buyers and sellers who need to be active in the market right now and are using new technology tools to assist with transactions, but that doesn’t mean business as usual, our local REALTORS® are dedicated to safe business practices in order to protect clients who have to transact during this time.”
The average price of homes sold in April 2020 was a record $480,164, edging up 3.8% from April 2019.
The more comprehensive year-to-date average price was $468,535, up 5.6% from the first four months of 2019.
There were 164 new residential listings in April 2020. This was a decrease of 60.4% on a year-over-year basis.
Active residential listings numbered 497 units at the end of April. This was down 23.4% from the end of April 2019.
Residential months of inventory numbered 5.5 at the end of April 2020, up from the 3 months recorded at the end of April 2019 and above the long-run average of 4.1 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.
The dollar value of all home sales in April 2020 was $43.7 million, falling by 56.5% from the same month in 2019.
Sales of all property types numbered 106 units in April 2020; this was a decline of 57.1% from April 2019. The total value of all properties sold was $47.3 million, declining by 56.9% from April 2019.
BOARD & ASSOCIATION INFORMATION
There are 550+ 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.