Real Estate Market Analysis for April 2024

by CENTURY 21 United Realty Inc. Brokerage

Today, we’re diving deep into the latest statistics from the city of Peterborough, Ontario. With April 2024’s numbers in hand, we’re set to uncover the trends, shifts, and noteworthy developments in the local housing market. So, let’s embark on this insightful journey together!

Average Number of Sales

First up, let’s talk about the pulse of the market—the number of homes changing hands. In April 2024, Peterborough saw an average of 99 sales per month. Comparing this to the same period last year, we witnessed a notable uptick of 13.8%. This surge in sales activity reflects a robust demand for properties within the city, indicating favourable conditions for both buyers and sellers alike.

Average Sale Price

Now, onto one of the most scrutinized metrics in real estate—the average sale price. April 2024 saw the average price settle at $651,251. While this figure represents a slight decrease from the previous year, amounting to a 6.7% decline, it’s crucial to contextualize this shift. Despite the dip, Peterborough’s housing market remains resilient, with prices holding steady within a competitive range. This could signal an opportune moment for prospective buyers to explore their options and secure favourable deals.

Number of Active Listings

Turning our attention to inventory levels, April 2024 boasted 179 active listings—a modest increase from the same period in 2023. This uptick indicates a healthy supply of homes available for purchase, offering buyers a diverse selection to consider. Additionally, a balanced inventory can contribute to a more stable market environment, fostering confidence among both buyers and sellers.

Average Days on Market

In the realm of real estate, time is of the essence. April 2024 witnessed properties spending an average of 26 days on the market before being snapped up—a noteworthy metric that speaks volumes about the city’s housing dynamics. This swift turnover underscores the strong demand for homes in Peterborough, emphasizing the need for proactive decision-making by buyers and sellers alike.

The real estate landscape of Peterborough, Ontario, presents a compelling narrative of resilience, growth, and opportunity. Despite facing a slight decline in average sale prices, the city’s housing market remains buoyant, with increased sales activity and a healthy inventory of available properties. As we navigate the evolving dynamics of the local market, it’s evident that Peterborough continues to be a prime destination for homeowners and investors alike, offering a blend of affordability, opportunity, and quality of life.

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.

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