Real Estate Market Analysis for August 2024

by CENTURY 21 United Realty Inc. Brokerage

The Peterborough real estate market continues to evolve, reflecting both national and local trends as we transition into late 2024. With shifting dynamics, potential buyers and sellers are navigating a market that looks noticeably different from a year ago. Let’s dive into the latest data and what it means for homeowners, investors, and real estate enthusiasts alike.

Sales Volume on the Rise

In August 2024, the Peterborough real estate market saw an average of 98 sales, a 6.5% increase from August 2023, when the average number of sales stood at 92. This uptick in activity suggests that buyer demand remains resilient despite market challenges. With a slight boost in sales volume, it’s clear that many buyers are still eager to enter the market, encouraged by more favourable prices and options.

Prices Reflect a Softer Market

While sales are up, the average sale price has seen a notable decline. In August 2024, the average home price in Peterborough was $592,678, a 9.1% drop from $652,101 in August 2023. This year-over-year price decrease suggests a cooling of the previously overheated market, with prices adjusting to more sustainable levels. For buyers, this presents a potential opportunity to secure a home at a lower price point compared to last year’s peak.

Active Listings and Supply

The number of active listings has increased, with 270 homes on the market in August 2024, compared to 239 in August 2023. This 12.9% rise in inventory provides buyers with more options, which can lead to less competition and more negotiating power for those looking to purchase a property.

The combination of lower average sale prices and increased inventory is shaping a more balanced market. Buyers now have a better chance of finding a home that meets their needs without facing the intense bidding wars that characterized much of the past few years.

Days on Market: A Key Indicator of Market Shifts

Homes in Peterborough are now spending more time on the market. In August 2024, the average number of days a home remained on the market was 25. This is a key indicator that buyers are taking their time, possibly waiting for the right opportunity or negotiating for better deals. For sellers, it’s important to adjust expectations accordingly, recognizing that homes may not sell as quickly as they did during the height of the market.

What Does This Mean for Buyers and Sellers?

For buyers, the current market presents an advantageous situation. With prices down, increased inventory, and homes staying on the market longer, there’s more room to negotiate and secure a good deal. However, interest rates and overall affordability should still be considered when making any buying decisions.

For sellers, pricing your home correctly is more important than ever. The market has shifted, and overpricing a property could lead to longer days on the market and missed opportunities. Working with an experienced real estate professional who understands these market trends can help you set a competitive price and attract serious buyers.

The Peterborough real estate market in August 2024 reflects a transitionary phase, with sales increasing while prices adjust to more sustainable levels. Whether you’re buying or selling, understanding these trends is key to making informed decisions in today’s market.

If you’re looking to explore your options in the Peterborough real estate market, feel free to reach out to us at Century 21 United Realty. We always have an agent on duty to help. 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: