Peterborough and the Kawarthas Association of REALTORS® Inc.

Demand for MLS® listed homes in Peterborough and the Kawarthas continues to soften in July, market conditions shifting quickly

The number of homes sold through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 149 units in July 2022. This was a sharp decrease of 37.7% from July 2021.

Home sales were 36.9% below the five-year average and 39.3% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 1,306 units over the first seven months of the year. This was down sharply by 24.2% from the same period in 2021.

“The recent weakness that has settled into most markets across the country has descended on our region. MLS® home sales posted the third lowest sales totals on record for the month of July,” said Kate Kidd, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “The number of newly listed properties during last month was on the low end of average for this time of year. The twin factors of softening demand and new supply have stabilized overall inventory, which has more than doubled from the same time last year. With further increases to borrowing costs expected in the future it is reasonable to assume demand will continue to wane, and consequently market conditions are likely to shift to a buyer’s market for the first time since the financial crisis in 2008-2009. We are monitoring our local market conditions for definitive trends that may provide insight into what to expect over the next few months and into the end of the year.”

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 $741,300 in July 2022, an increase of 17.7% compared to July 2021.

The average price of homes sold in July 2022 was $770,305, an increase of 9.9% from July 2021.

The more comprehensive year-to-date average price was $822,707, a gain of 17.4% from the first seven months of 2021.

The dollar value of all home sales in July 2022 was $114.8 million, a large decline of 31.5% from the same month in 2021.

The number of new listings saw a gain of 15.5% from July 2021. There were 335 new residential listings in July 2022.

New listings were 1.3% below the five-year average and 7% below the 10-year average for the month of July.

Active residential listings numbered 485 units on the market at the end of July, more than double the levels from a year earlier, jumping 105.5% from the end of July 2021.

Active listings were 9.2% above the five-year average and 29.7% below the 10-year average for the month of July.

Months of inventory numbered 3.3 at the end of July 2022, up from the 1 month recorded at the end of July 2021 and above the long-run average of 2.9 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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