Real Estate Market Analysis for August 2023

by CENTURY 21 United Realty Inc. Brokerage

In the ever-evolving world of real estate, staying updated with market trends is crucial for both buyers and sellers. As we step into September 2023, it’s time to take a closer look at the statistics for the City of Peterborough over the past month and compare them to the same period in 2022. This real estate market analysis of August 2023 vs. August 2022 will provide valuable insights into how the market has evolved in Peterborough over the past year and what it means for those navigating the real estate landscape.

In August 2023, the average number of sales stood at 92, compared to 102 in August 2022. This represents a year-over-year decrease of 9.8%. This decline in sales may be attributed to various factors such as changes in buyer behaviour, economic conditions, or external factors. A drop in sales volume can affect both buyers and sellers, influencing pricing and negotiation power.

The average price of properties in August 2023 was $651,101, whereas in August 2022, it was slightly lower at $638,200. This indicates a modest year-over-year increase of 2.2% in property prices. Rising prices can be seen as a positive sign for homeowners, as it indicates the potential for higher returns on their investments. However, it may pose challenges for first-time buyers and those looking for affordable housing options.

August 2023 saw 239 active listings, a noticeable increase from the 190 listings available in the same month the previous year. This surge in active listings may indicate a growing inventory, which could potentially give buyers more options to choose from. For sellers, it may mean increased competition, necessitating effective marketing and pricing strategies.

The average number of days on the market in August 2023 was 22, reflecting the speed at which properties were being sold. This shorter time on the market compared to the previous year could be a result of increased demand, attractive pricing, or improved marketing efforts.

For buyers, this might be a mixed bag. While prices are higher, the increased inventory and quicker sales suggest opportunities for those who act fast and make informed decisions. On the other hand, sellers may find themselves in a competitive market, necessitating strategic pricing and marketing to stand out.

Highlighted below are some of the major areas we cover with our stats:

As always, it’s essential to stay informed and seek the advice of experienced real estate professionals when making decisions in the current market. Need help to decide your next move? Don’t know what these numbers mean for you? We always have an agent on duty to help you. Call our office at 705-743-4444 and we will be happy to direct you to a REALTOR® to answer your questions.