Real Estate Market Analysis for February 2024

As we step into the real estate landscape of Peterborough, Ontario, the numbers for February 2024 paint a picture of a thriving market, showcasing substantial growth and promising trends. In this blog post, we will delve into the latest real estate statistics for the city, comparing them with the figures from February 2023, and uncovering the factors contributing to this impressive performance.

Year-Over-Year Analysis

1. Average Number of Sales: A 49.2% Surge
   In February 2023, the city experienced an average of 59 property sales. Fast forward to February 2024, and this number has skyrocketed to an average of 88 sales. This remarkable 49.2% increase reflects a robust demand for real estate in Peterborough, making it a suitable time for both buyers and sellers to engage in the market.
2. Average Sale Price: A 3.8% Upswing
   The average sale price in February 2024 stands at $615,937, marking a 3.8% year-over-year increase from the $593,663 recorded in February 2023. This rise in property values not only signifies a healthy appreciation for homeowners but also underscores the attractiveness of the Peterborough real estate market.
3. Number of Active Listings: A Strategic Decline
   Despite the surge in sales, the number of active listings has decreased from 117 in February 2023 to 81 in February 2024. This reduction may indicate a sense of urgency among buyers, with properties being snapped up quickly. Sellers can leverage this scarcity to their advantage, potentially leading to competitive offers.

Market Dynamics

1. Increasing Demand
   The substantial growth in the average number of sales suggests a growing interest in Peterborough’s real estate. Factors such as job opportunities, quality of life, and the city’s amenities may be contributing to the increased demand.
2. Steady Price Appreciation
   The modest 3.8% year-over-year increase in average sale prices indicates a stable and sustainable growth pattern. This can be reassuring for both buyers and sellers, as it suggests a market that is not subject to rapid fluctuations.
3. Reduced Inventory
   The decline in the number of active listings could be attributed to the heightened demand outpacing the supply of available properties. This scarcity may create a competitive environment, potentially resulting in quicker sales and favourable terms for sellers.

With a significant increase in the average number of sales, a steady rise in average sale prices, and a reduction in active listings, the city presents a promising landscape for those looking to buy or sell properties. As we navigate through the dynamic real estate market, staying informed about these trends will be crucial for making informed decisions in this flourishing environment.

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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