Real Estate Market Analysis for December 2023

As we bid farewell to 2023, it’s time to reflect on the real estate landscape in the City of Peterborough. In this comprehensive analysis, we will delve into the key statistics for December 2023, comparing them to the previous year’s figures, and explore the trends that shaped the local housing market.

In December 2023, Peterborough witnessed a notable increase in the average number of sales, with a 10.4% year-over-year growth. The real estate market was vibrant, experiencing a total of 53 sales, compared to 48 in December 2022. This surge in activity suggests a heightened demand for homes in the region.

However, amidst the increased sales activity, there was a contrasting trend in property values. The average sale price for December 2023 was $560,699, representing a 9.3% decrease from the previous year’s average of $618,199. This shift in pricing dynamics could be attributed to various factors, such as changes in buyer preferences, economic conditions, or market saturation.

Key Metrics

1. Average Number of Sales:
   • December 2023: 53
   • December 2022: 48
   • Year-over-Year Change: +10.4%
2. Average Sale Price:
   • December 2023: $560,699
   • December 2022: $618,199
   • Year-over-Year Change: -9.3%
3. Number of Active Listings:
   • December 2023: 126
   • December 2022: 110
4. Average Days on Market:
   • December 2023: 51

The increase in the average number of sales suggests a healthy and active real estate market in Peterborough. A 10.4% year-over-year growth is a positive indicator of sustained interest in the local housing market. However, the decline in the average sale price by 9.3% requires closer examination.

Possible factors contributing to the drop in average sale prices could include shifts in the types of properties being sold, changes in the local economy, or adjustments in buyer preferences. It’s essential for both buyers and sellers to be aware of these market trends to make informed decisions.

The number of active listings also increased from 110 in December 2022 to 126 in December 2023. This rise in inventory may provide more options for buyers, potentially contributing to the boost in sales activity.

It’s evident that the region experienced a dynamic year with positive growth in sales but a dip in average sale prices. The 10.4% increase in sales activity signals a robust market, while the 9.3% decline in prices prompts stakeholders to consider the broader economic and market factors influencing these fluctuations.

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.

*All data from CLAR/TRREB 2023 & InfoSparks®© 2022 MLS® Resale Residential. Information deemed reliable but is not guaranteed.

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