Real Estate Market Analysis for June 2024

by CENTURY 21 United Realty Inc. Brokerage

As we step into the second half of 2024, the Peterborough real estate market presents an interesting landscape, reflecting broader economic trends and shifting buyer sentiments. Here’s a detailed look at the stats for June 2024, comparing them with June 2023, and what they mean for buyers, sellers, and investors in our vibrant city.

Key Statistics

June 2024:

Average Number of Sales: 103
Average Price: $626,554
Number of Active Listings: 258
Average Days on Market: 23

June 2023:

Average Number of Sales: 143
Average Price: $639,211
Number of Active Listings: 212

Year-Over-Year Changes:

Average Sale Price: -2.0%
Average Number of Sales: -28.0%

Sales Volume: A Notable Decline

One of the most striking changes is the significant drop in the number of sales. June 2024 saw 103 properties sold, a 28% decrease from the 143 sales recorded in June 2023. This decline can be attributed to several factors:

Interest Rate Fluctuations: Rising interest rates have made mortgages more expensive, cooling down the previously heated market.
Economic Uncertainty: Economic factors, including inflation and job market instability, may have caused potential buyers to adopt a wait-and-see approach.
Buyer Sentiment: The market sentiment has shifted, with buyers becoming more cautious, waiting for potentially better opportunities.

Average Price: A Slight Dip

The average sale price in June 2024 was $626,554, down 2% from $639,211 in June 2023. While this decrease might seem minor, it signifies a cooling trend following a period of rapid price increases over the past few years. Key influences on this price adjustment include:

Market Correction: After several years of significant appreciation, the market is naturally correcting itself to more sustainable levels.
Supply and Demand: With a higher number of active listings (258 in June 2024 compared to 212 in June 2023), buyers have more options, reducing the urgency to bid up prices.

Active Listings: Increased Inventory

June 2024 saw 258 active listings, a notable increase from 212 in June 2023. More inventory means more choices for buyers, potentially leading to longer decision-making processes and more competitive pricing among sellers.

Days on Market: A Balanced Indicator

Properties in June 2024 spent an average of 23 days on the market. This relatively short period indicates a balanced market, where well-priced homes still attract quick attention. It’s a positive sign for sellers that there remains strong interest from buyers, even in a cooling market.

What This Means for Buyers and Sellers

For Buyers:

Opportunities for Negotiation: With more listings and slightly lower prices, buyers have better negotiating power.
Interest Rates: Keep a close eye on mortgage rates. Securing a favourable rate can make a significant difference in affordability.
Act Quickly: Desirable properties still move fast, so be prepared to act when you find the right home.

For Sellers:

Competitive Pricing: Price your home competitively to attract buyers in a market with increased inventory.
Presentation Matters: Ensure your property stands out through effective staging and high-quality listings.
Market Savvy: Work with a knowledgeable real estate agent to navigate market trends and set realistic expectations.

Looking Ahead

The Peterborough real estate market is showing signs of stabilization after a period of rapid growth. While the decline in sales and a slight dip in prices might seem concerning at first glance, they represent a move towards a more balanced and sustainable market. Both buyers and sellers can find opportunities in this environment by staying informed and adapting to the evolving market conditions.

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: