Peterborough and the Kawarthas Association of REALTORS® Inc.

MLS® home sales in Peterborough and the Kawarthas remain subdued

The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 144 units in October 2022, decreasing by 28.4% from October 2021.

Home sales were 28.7% below the five-year average and 27.1% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,792 units over the first 10 months of the year. This was a notable decline of 25.6% from the same period in 2021.

"The recent downward trend in market activity across the country continued in October and our local market was no exception. MLS® homes sales for the month posted the lowest October total since 1993,” said Kate Kidd, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “Although the number of newly listed properties was in line with the historical average for this time of year, new listings continued their monthly decline and dropped to the lowest level since early 2022. With so many potential buyers and sellers waiting to see what the Bank of Canada, and in turn mortgage lenders, will do next, it is reasonable to expect that market conditions will remain relatively balanced until there is a clear path forward for those that wish to re-enter the market.”

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 $674,100 in October 2022, a minor increase of 1.6% compared to October 2021.

The average price of homes sold in October 2022 was $700,313, decreasing by 6.4% from October 2021.

The more comprehensive year-to-date average price was $791,241, a gain of 11.3% from the first 10 months of 2021.

The dollar value of all home sales in October 2022 was $100.8 million, down sharply by 32.9% from the same month in 2021.

The number of new listings saw a substantial increase of 40.6% from October 2021. There were 263 new residential listings in October 2022.

New listings were 0.9% below the five-year average and 2.3% above the 10-year average for the month of October.

Active residential listings numbered 396 units on the market at the end of October, more than double the levels from a year earlier, leaping 178.9% from the end of October 2021.

Active listings were 14% above the five-year average and 23.9% below the 10-year average for the month of October.

Months of inventory numbered 2.8 at the end of October 2022, up from the 0.7 months recorded at the end of October 2021 and on par with the long-run average of 2.8 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.


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For more information,
please contact
:
(705) 745-5724
info@peterboroughrealestate.org

President
Kate Kidd

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