Peterborough housing market continues to surge in June
Residential home sales activity recorded through the MLS® system for Peterborough and the Kawarthas Association of REALTORS® Inc. totaled 328 units in June 2020. This was an increase of 14.3% from June 2019.
On a year-to-date basis, home sales totalled 1,100 units over the first six months of the year. This was down 9.8% from the same period in 2019.
“Home sales and new listings came back stronger than expected in June, with sales coming in at historic levels for this time of year,” said Chiarina Payne, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “New supply also returned but not to the same extent as sales activity, suggesting that demand is much stronger than available listings can support at the moment. This has resulted in the market moving further into seller’s territory and average prices trending at or near record levels.”
The average price of homes sold in June 2020 was $527,945, rising 15% from June 2019.
The more comprehensive year-to-date average price was $498,154, rising 11.2% from the first six months of 2019.
There were 428 new residential listings in June 2020. This was down 5.5% on a year-over-year basis to the lowest June in nearly two decades.
Active residential listings numbered 527 units at the end of June. This was a large decline of 32.9% from the end of June 2019.
Residential months of inventory numbered 1.6 at the end of June 2020, down from the 2.7 months recorded at the end of June 2019 and below the long-run average of 3.9 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.
The dollar value of all home sales in June 2020 was $173.2 million, a large increase of 31.4% from the same month in 2019. This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history.
Sales of all property types numbered 356 units in June 2020; this was an increase of 14.8% from June 2019. The total value of all properties sold was $181.5 million, a large increase of 31.5% from June 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.