Real Estate Market Analysis for January 2024

As we step into the new year, it’s crucial for real estate enthusiasts and homeowners alike to gain insights into the market trends shaping their local communities. In this blog post, we will delve into the real estate statistics for the charming city of Peterborough, Ontario, specifically focusing on January 2024. By comparing these figures with those from January 2023, we aim to provide a comprehensive overview of the current state of the Peterborough real estate market.

Key Metrics for January 2024

1. Average Number of Sales:
   • January 2024: 81
   • January 2023: 56
   • Year-over-Year (YoY) Change: +44.6%

The year 2024 started on a robust note for the Peterborough real estate market, witnessing a significant increase of 44.6% in the average number of sales compared to January 2023. This surge could be indicative of growing interest in the city’s real estate, potentially fueled by factors such as economic stability, job opportunities, or lifestyle appeal.

2. Average Sale Price:
   • January 2024: $578,312
   • January 2023: $586,421
   • YoY Change: -1.4%

Despite the spike in sales, the average sale price in January 2024 experienced a marginal decrease of 1.4% compared to the same period last year. While this may raise eyebrows, it’s essential to remember that real estate markets are dynamic and influenced by various factors, including supply and demand, economic conditions, and local development projects.

3. Number of Active Listings:
   • January 2024: 90
   • January 2023: 117

The decrease in the number of active listings from January 2023 to January 2024 could suggest a tightening of inventory. A lower supply of homes, coupled with an increased demand as indicated by the rise in sales, might contribute to a competitive market environment.

4. Average Days on Market:
   • January 2024: 49 days

The average number of days on the market in January 2024, at 49 days, provides insights into the pace at which properties are being bought and sold. This figure suggests a relatively brisk market, where well-priced and appealing homes are finding buyers within a reasonable timeframe.

The substantial increase in the average number of sales signals a buoyant market, possibly driven by factors contributing to the city’s appeal. Although the average sale price experienced a modest decline, the overall market seems to be vibrant, with a reduced number of active listings and a brisk average days on market. As the year progresses, it will be interesting to observe how these trends evolve and influence the local real estate landscape. Stay tuned for more updates on Peterborough’s real estate journey!

As always, it’s essential to 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 2024 & InfoSparks®© 2023 MLS® Resale Residential. Information deemed reliable but is not guaranteed.

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