Market StatsMarket StatsMarket StatsMarket Stats 6 May 2024

Real Estate Market Analysis for April 2024

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.

*All data from CLAR/TRREB 2024 & InfoSparks®© 2023 MLS® Resale Residential. Information deemed reliable but is not guaranteed.

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

Featured Property 2 May 2024

Featured Property – 813 Norwood Terrace, Peterborough

Looking for the perfect family home in West End? Look no further! This spacious abode offers four levels of comfortable living, providing ample space for your family to grow and thrive. With 3+1 bedrooms and 2 baths, there’s plenty of room for everyone to have their own space while still enjoying quality time together.

One of the highlights of this home is its main floor laundry, making chores a breeze and freeing up more time for the things that matter most. But the perks don’t stop there – step outside and you’ll find an inviting in-ground swimming pool, perfect for cooling off on hot summer days and hosting unforgettable pool parties with friends and family.

Need a dedicated space to work from home or pursue your hobbies? You’re in luck! This home also features a bonus room or office, providing the flexibility to adapt to your lifestyle and meet your specific needs.

Location is key, and this home is ideally situated in a centrally located neighbourhood. Enjoy the convenience of easy walking distance to excellent schools, perfect for families with children, and the PRHC hospital, providing peace of mind knowing medical care is close at hand.

Updates and renovations abound in this well-maintained home. The HVAC system was replaced in 2018, ensuring efficient heating and cooling year-round. The roof was redone in 2021, providing added durability and protection against the elements. Plus, enjoy the convenience of new kitchen flooring and a dishwasher installed in 2023, making meal prep and cleanup a breeze.

Don’t miss out on the opportunity to make this West End gem your new family home. With its spacious layout, convenient amenities, and prime location, it’s sure to check off all the boxes on your wish list.

This property is listed with Malcolm Mersereau, REALTOR® with CENTURY 21 United Realty Inc Brokerage. Schedule a showing today and start envisioning your family’s future in this wonderful property! Reach out at 705-743-4444 or email malcolm.mersereau@century21.ca. MLS® #X8291674

Tips & TricksTips & TricksTips & TricksTips & TricksTips & Tricks 26 April 2024

Essential Tips for First-Time Home Buyers: Your Ultimate Guide

Are you considering taking the leap into homeownership? For many, buying their first home is a monumental milestone, marking the transition from renting to owning and providing a sense of stability and accomplishment. However, navigating the complexities of the real estate market can be overwhelming, especially for first-time buyers. That’s why we’ve compiled a comprehensive guide with essential tips to help you embark on this exciting journey with confidence.

  1. Assess Your Financial Situation: Before diving into the home-buying process, take a close look at your finances. Determine how much you can afford to spend on a home by calculating your budget, factoring in your income, expenses, debt obligations, and savings for a down payment and closing costs.
  2. Get Pre-Approved for a Mortgage: A mortgage pre-approval not only gives you a clear idea of how much you can borrow but also demonstrates to sellers that you’re a serious buyer. Shop around and compare offers from different lenders to find the best mortgage rates and terms that suit your needs.
  3. Define Your Priorities: Make a list of your must-haves and nice-to-haves in a home. Consider factors such as location, size, layout, amenities, and proximity to schools, work, and amenities. Having clear priorities will help streamline your search and focus on properties that meet your criteria.
  4. Work with a Real Estate Agent: Partnering with an experienced real estate agent can be invaluable, especially for first-time buyers. An agent can provide expert guidance, help you navigate the market, negotiate on your behalf, and provide access to listings that may not be readily available to the public.
  5. Do Your Research: Educate yourself about the local real estate market and trends. Attend open houses, explore neighbourhoods, and gather information about property values, school districts, crime rates, and future development plans. The more informed you are, the better equipped you’ll be to make informed decisions.
  6. Factor in Additional Costs: Beyond the purchase price, there are various additional costs associated with buying a home, including closing costs, property taxes, homeowners insurance, maintenance, and utilities. Make sure to budget for these expenses to avoid any financial surprises down the road.
  7. Don’t Skip the Home Inspection: A home inspection is a crucial step in the home-buying process. It allows you to uncover any hidden issues or potential problems with the property before finalizing the purchase. Hire a qualified home inspector to thoroughly evaluate the home’s condition and structure.
  8. Be Flexible and Patient: Finding the perfect home may take time, so be patient and remain flexible throughout the process. Don’t settle for a property that doesn’t meet your needs or feels like a compromise. Trust that the right home will come along at the right time.
  9. Understand the Buying Process: Familiarize yourself with the steps involved in buying a home, from making an offer and negotiating terms to securing financing and closing the deal. Your real estate agent can walk you through each stage and answer any questions you may have along the way.
  10. Stay Organized and Communicate: Keep all documents and paperwork related to the homebuying process organized and readily accessible. Stay in regular communication with your lender, real estate agent, and other parties involved to ensure a smooth and successful transaction.

Buying your first home is an exciting and rewarding experience, but it can also be daunting without the right guidance. By following these essential tips and working with trusted professionals, you can navigate the homebuying process with confidence and achieve your homeownership goals. Remember, your dream home is within reach – all it takes is careful planning, perseverance, and a dash of patience. Looking to start your homeownership journey but don’t have a REALTOR® yet? Call us at 705-743-4444 to speak to one of our agents. We always have someone on duty ready to help!

Happy house hunting!

24 April 2024

Safeguarding Your Digital Footprint: A Guide to Online Safety

In today’s digital age, our lives are intricately woven into the fabric of the internet. We use it to connect with loved ones, access information, and conduct business. However, with this increased connectivity comes the responsibility to protect ourselves from various online threats. From identity theft to cyberbullying, the internet can be a precarious place if we’re not vigilant. That’s why understanding and practicing online safety measures is crucial for everyone who ventures online.

Understanding Online Safety

Online safety encompasses a broad range of practices aimed at safeguarding individuals and their data on the Internet. It involves protecting personal information, securing devices and accounts, and fostering responsible online behaviour. Just as we lock our doors to protect our homes, we must take proactive steps to fortify our digital presence.

Top Tips for Online Safety

1. Strengthen Your Passwords:

  • Use strong, unique passwords for each online account.
  • Consider using a reputable password manager to generate and store complex passwords securely.

2. Enable Two-Factor Authentication (2FA):

  • Add an extra layer of security to your accounts by enabling 2FA wherever possible.
  • This typically involves receiving a code on your phone or email to verify your identity during login attempts.

3. Be Mindful of Phishing Attempts:

  • Exercise caution when clicking on links or downloading attachments from unfamiliar sources.
  • Look for signs of phishing, such as misspelled URLs, generic greetings, and requests for personal information.

4. Keep Software Updated:

  • Regularly update your operating system, antivirus software, and other applications to patch security vulnerabilities.
  • Enable automatic updates whenever possible to ensure timely protection against emerging threats.

5. Secure Your Social Media Profiles:

  • Review your privacy settings on social media platforms and adjust them to limit the visibility of your posts and personal information.
  • Be cautious when accepting friend requests or interacting with unknown individuals online.

6. Educate Yourself and Others:

  • Stay informed about current online threats and scams by following reputable cybersecurity blogs and news sources.
  • Share your knowledge with friends and family to help them stay safe online.

7. Practice Digital Hygiene:

  • Avoid using public Wi-Fi networks for sensitive activities like online banking or shopping.
  • Regularly back up important data to an external hard drive or cloud storage service.

 

In an increasingly interconnected world, prioritizing online safety is paramount. By adopting proactive measures and staying informed about potential risks, we can navigate the digital landscape with confidence and peace of mind. Remember, safeguarding your digital footprint isn’t just about protecting yourself—it’s about preserving your privacy, security, and peace of mind in an ever-evolving online ecosystem. Stay safe, stay secure, and enjoy all the benefits that the internet has to offer responsibly.

Special OccasionsSpecial OccasionsSpecial OccasionsTips & Tricks 22 April 2024

Embracing Sustainable Living: A Tribute to Earth Day

In a world where environmental concerns are at the forefront of global conversations, Earth Day serves as a poignant reminder of our responsibility to protect and preserve our planet. As we celebrate this annual event, it’s crucial to reflect on the ways we can incorporate sustainable living practices into our daily lives to minimize our ecological footprint and safeguard the Earth for future generations.

Sustainable living isn’t just a trend; it’s a conscious choice to prioritize the health of the planet in everything we do. From reducing waste and conserving energy to supporting eco-friendly products and advocating for environmental policies, there are countless ways individuals can contribute to a more sustainable future.

One of the fundamental principles of sustainable living is reducing consumption and waste. This can be achieved through simple actions such as recycling, composting organic waste, and opting for reusable products instead of single-use items. By minimizing our consumption and making mindful choices about the products we use, we can significantly reduce the amount of waste that ends up in landfills and oceans.

Conserving energy is another essential aspect of sustainable living. From turning off lights and unplugging electronics when not in use to investing in energy-efficient appliances and renewable energy sources, there are numerous ways to reduce our energy consumption and lower our carbon footprint. By embracing energy conservation practices, we not only reduce our impact on the environment but also save money on utility bills in the long run.

Choosing sustainable transportation options is also key to reducing our carbon emissions. Whether it’s walking, cycling, carpooling, or using public transportation, opting for alternatives to single-occupancy vehicles can help decrease air pollution and alleviate traffic congestion. Additionally, embracing electric vehicles or hybrid cars can further reduce our reliance on fossil fuels and contribute to cleaner air and a healthier planet.

Supporting businesses and brands that prioritize sustainability is another impactful way to promote eco-friendly practices. By purchasing products made from recycled materials, supporting local farmers and artisans, and choosing companies with transparent and ethical supply chains, consumers can drive demand for sustainable goods and services and encourage businesses to adopt environmentally responsible practices.

Beyond individual actions, advocating for environmental policies and initiatives at the local, national, and global levels is crucial for enacting systemic change. Whether it’s supporting legislation to reduce greenhouse gas emissions, protecting natural habitats and wildlife, or promoting renewable energy development, collective action is essential for addressing the urgent challenges posed by climate change and environmental degradation.

As we commemorate Earth Day, let us recommit ourselves to embracing sustainable living practices and becoming stewards of the planet. By making conscious choices in our daily lives and advocating for positive change in our communities and beyond, we can work together to build a more sustainable and resilient world for current and future generations. Our planet is a precious and finite resource, and it’s up to each of us to protect and preserve it for the well-being of all life on Earth.

19 April 2024

Revitalize Your Home: Essential Spring Cleaning Tips

As the warmth of spring starts to thaw away the winter chill, it’s the perfect time to give your home a fresh start. Spring cleaning isn’t just about tidying up; it’s about rejuvenating your living space and revitalizing your environment. Here are some essential spring cleaning tips to help you transform your home into a sanctuary of cleanliness and comfort.

  1. Declutter Every Nook and Cranny: Begin by decluttering your home, starting with one room at a time. Take a critical look at your belongings and ask yourself if each item serves a purpose or brings you joy. Donate, sell, or discard anything that no longer serves you. Clearing out clutter not only frees up physical space but also contributes to mental clarity and a sense of calm.
  2. Deep Clean Floors and Carpets: Over the winter months, dirt, dust, and grime can accumulate on floors and carpets. Give your floors a thorough cleaning by vacuuming, mopping, or steam cleaning, depending on the surface. Pay special attention to high-traffic areas and don’t forget to move furniture to reach those often-neglected spots.
  3. Refresh Fabrics and Upholstery: Wash or dry clean curtains, drapes, and upholstery to remove dust, allergens, and odours that may have built up over the winter. Consider giving your furniture a fresh look by rearranging cushions or investing in new slipcovers.
  4. Scrub and Sanitize Surfaces: Disinfect commonly touched surfaces such as countertops, doorknobs, light switches, and remote controls to eliminate germs and bacteria. Use eco-friendly cleaning products or make your own using natural ingredients like vinegar and baking soda for a safe and effective clean.
  5. Clean Out and Organize Closets: Take this opportunity to go through your closets and drawers, purging items you no longer wear or need. Organize clothing, shoes, and accessories in a way that makes them easily accessible and visible. Consider investing in storage solutions such as bins, baskets, or hanging organizers to maximize space and keep things tidy.
  6. Inspect and Maintain Appliances: Check your appliances for any signs of wear or damage and perform any necessary maintenance tasks. Clean out refrigerator coils, replace filters in air purifiers and HVAC systems, and descale coffee makers and kettles to keep everything running smoothly.
  7. Tackle Outdoor Spaces: Don’t forget about your outdoor areas during spring cleaning. Sweep away debris from walkways and patios, clean outdoor furniture, and inspect your lawn and garden for any winter damage. Prune shrubs, trim trees, and prepare flower beds for planting to create a welcoming outdoor oasis.
  8. Refresh Home Décor: Finally, add the finishing touches to your spring-cleaned home by refreshing your décor. Bring in touches of greenery with houseplants or fresh flowers, update throw pillows or rugs for a pop of colour, and consider rearranging artwork or accessories to create a new look and feel.

Spring cleaning isn’t just about making your home look nice; it’s about creating a space that promotes health, happiness, and well-being. By following these essential spring cleaning tips, you can breathe new life into your home and set the stage for a season of renewal and growth. So roll up your sleeves, put on your favourite playlist, and get ready to transform your living space into a clean and inviting sanctuary.

17 April 2024

Building Your Retirement Nest Egg: How to Use Real Estate as an Investment Strategy

As we journey through life, one constant remains: the need for financial security, especially during retirement. With uncertainties surrounding traditional investment avenues, many individuals are turning to real estate as a reliable means to build their retirement nest egg. Real estate investment not only offers the potential for long-term appreciation but also provides various avenues for generating income. Here’s a comprehensive guide on how you can leverage real estate to secure your retirement.

 

Start Early, Benefit from Long-Term Growth

Just as with any investment, time is a crucial factor in real estate. Starting early allows you to benefit from the compounding effect of property appreciation over the long term. By investing in real estate early in your career, you give your investments more time to grow and weather market fluctuations.

 

Diversify Your Portfolio

Diversification is key to any successful investment strategy, and real estate offers numerous options for diversifying your portfolio. You can invest in residential properties, commercial real estate, vacation rentals, or even real estate investment trusts (REITs). Each type of investment carries its own risk and return profile, allowing you to spread your investments across different asset classes and minimize risk.

 

Generate Passive Income through Rental Properties

Rental properties are a popular choice for retirement investors seeking regular, passive income streams. By purchasing rental properties, you can enjoy a steady stream of rental income that can supplement your retirement savings or even replace your traditional income entirely. Additionally, rental income has the potential to increase over time, providing a hedge against inflation.

 

Explore Real Estate Investment Trusts (REITs)

For those looking to invest in real estate without the hassle of property management, real estate investment trusts (REITs) offer a convenient solution. REITs are companies that own, operate, or finance income-generating real estate across various sectors. By investing in REITs, you can gain exposure to a diversified portfolio of properties and enjoy regular dividend payments without the need for hands-on management.

 

Take Advantage of Tax Benefits

Real estate offers several tax advantages that can enhance your retirement savings. Mortgage interest, property taxes, and depreciation are just a few of the expenses that can be deducted from your rental income, reducing your taxable income and increasing your cash flow. Additionally, if you sell a property at a profit, you may be eligible for favourable capital gains tax treatment, especially if you’ve held the property for an extended period.

 

Plan for the Long Term

Successful retirement investing requires careful planning and a long-term perspective. When investing in real estate, consider your retirement goals, risk tolerance, and investment horizon. Develop a comprehensive strategy that aligns with your financial objectives and regularly review and adjust your portfolio as needed to ensure you stay on track to meet your retirement goals.

 

Real estate can be a powerful tool for building wealth and securing your financial future in retirement. Whether you’re a seasoned investor or just getting started, now is the perfect time to explore the possibilities that real estate investment has to offer. Looking to start your retirement nest egg through real estate but don’t have a REALTOR® yet? Call us at 705-743-4444 to speak to one of our agents. We always have someone on duty ready to help!

15 April 2024

The Unseen Guardian: Proper Insulation and Weatherproofing in Your Home

Today, we’re delving into a topic that might not grab headlines but holds immense importance: insulation and weatherproofing. While often overlooked, these silent guardians play a crucial role in keeping your home comfortable, energy-efficient, and protected from the elements. So, let’s dive in and explore why proper insulation and weatherproofing are essential for every homeowner.

  1. Energy Efficiency: Proper insulation acts as a barrier, preventing the transfer of heat between the inside and outside of your home. During hot summers and chilly winters, a well-insulated home can maintain a consistent temperature, reducing the workload on your heating and cooling systems. This translates to lower energy bills and reduced carbon footprint. Investing in quality insulation now can lead to significant long-term savings.
  2. Comfort and Livability: Imagine stepping into your home on a scorching summer day, only to find relief in the cool, refreshing air inside. Or curling up on the couch during a winter storm, feeling snug and warm as the wind howls outside. Proper insulation and weatherproofing create a cozy sanctuary, shielding you from extreme temperatures, drafts, and humidity fluctuations. It’s not just about temperature control; it’s about enhancing your quality of life and overall comfort.
  3. Protection Against Moisture and Mold: In addition to regulating temperature, insulation also plays a crucial role in preventing moisture buildup within your walls and ceilings. Moisture intrusion can lead to mould growth, which not only compromises indoor air quality but also poses health risks to you and your family. By sealing gaps and cracks with proper insulation and weatherproofing materials, you create a moisture barrier that safeguards your home’s structural integrity and your well-being.
  4. Soundproofing: Tired of hearing every footstep from upstairs or the neighbour’s dog barking at odd hours? Proper insulation can help dampen noise transmission, providing a quieter and more peaceful living environment. Whether you’re working from home, enjoying a movie night, or simply seeking tranquillity, soundproofing your space can make a world of difference.
  5. Long-Term Investment: While the upfront cost of insulation and weatherproofing upgrades may seem daunting, it’s essential to view them as long-term investments rather than expenses. A well-insulated home not only fetches a higher resale value but also appeals to environmentally-conscious buyers. Moreover, many governments and utility companies offer incentives and rebates for energy-efficient home improvements, further offsetting the initial investment.

Not sure if your insulation or weatherproofing is up to snuff? Here are a few ways you can tell if your home needs better insulation or weatherproofing:

  1. High Energy Bills: If you notice a significant increase in your energy bills despite regular usage, it could indicate that your home lacks proper insulation. Drafty windows, poorly sealed doors, and uninsulated walls can contribute to energy loss, leading to higher heating and cooling costs.
  2. Uneven Temperature Distribution: Do certain rooms in your home feel colder or hotter than others? This could be a sign of inadequate insulation. Temperature inconsistencies often result from poor insulation, allowing heat or cold to escape more easily in some areas than others.
  3. Drafts and Air Leaks: Walk around your home on a windy day and pay attention to any drafts or air leaks. Common trouble spots include windows, doors, attic hatches, and electrical outlets. Sealing these gaps with weatherstripping, caulking, or insulation can improve energy efficiency and comfort.
  4. Condensation and Moisture Issues: Excessive condensation on windows, mould growth on walls or ceilings, or musty odours in certain areas indicate moisture problems. In addition to proper ventilation, addressing insulation deficiencies can help mitigate moisture intrusion and prevent mould growth.
  5. Noise Disturbances: If you find that noise from outside or neighbouring rooms disrupt your peace and quiet, it may be a sign that your home lacks adequate soundproofing. Adding insulation to walls, floors, and ceilings can help reduce noise transmission and create a more serene living environment for all.

In the hustle and bustle of homeownership, it’s easy to overlook the importance of proper insulation and weatherproofing. However, these silent guardians play a vital role in maintaining your home’s comfort, energy efficiency, and structural integrity. Whether you’re building a new home or retrofitting an existing one, investing in quality insulation and weatherproofing measures is a decision you won’t regret.

Tips & Tricks 11 April 2024

Location, Location, Location: Key Considerations When Choosing Your Dream Home

When it comes to purchasing a home, the old adage “location, location, location” couldn’t be more accurate. The area in which you choose to buy your home can significantly impact your quality of life, daily routine, and even your investment’s potential. Therefore, it’s crucial to carefully consider various factors before making a decision. Let’s delve into some key considerations to keep in mind when selecting the perfect location for your new home.

  1. Proximity to Work and Daily Essentials: One of the most critical factors to consider is the proximity of your potential home to your workplace. A shorter commute not only saves you time and money but also reduces stress levels. Additionally, assess the distance to essential amenities such as grocery stores, schools, healthcare facilities, and recreational areas to ensure convenience in your day-to-day life.
  2. Neighbourhood Demographics and Atmosphere: Take the time to explore the neighbourhood’s demographics and atmosphere. Are you looking for a vibrant urban setting with bustling streets and cultural attractions, or do you prefer a quieter suburban or rural environment? Consider factors such as safety, community vibes, and access to parks or green spaces, especially if you have children or pets.
  3. School District Quality: Even if you don’t have children, the quality of the school district can significantly impact your home’s resale value. Research the local schools’ ratings, academic performance, and extracurricular offerings to ensure you’re making a sound investment in your property.
  4. Future Development Plans: Investigate any planned developments or infrastructure projects in the area. While new developments can enhance property values, they may also bring increased traffic or noise pollution. Understanding the local government’s future plans can help you anticipate how the neighbourhood may evolve over time.
  5. Property Taxes and Cost of Living: Research the property taxes and overall cost of living in the area. While a lower purchase price might initially seem appealing, higher property taxes or living expenses could offset any potential savings. Consider your long-term financial goals and budget accordingly.
  6. Resale Potential: Even if you envision staying in your new home for many years, it’s essential to consider its resale potential. Look for neighbourhoods with a history of appreciation and high demand. Factors such as access to transportation, amenities, and employment opportunities can all influence a property’s resale value.
  7. Natural Disaster Risks: Assess the area’s susceptibility to natural disasters such as floods, hurricanes, earthquakes, or wildfires. While no location is entirely immune to natural hazards, understanding the risks can help you make informed decisions about insurance coverage and property maintenance.
  8. Transportation and Accessibility: Evaluate the accessibility of public transportation options and major highways in the area, especially if you rely on commuting or travel frequently. Easy access to transportation hubs can enhance convenience and connectivity, whether you’re commuting to work or exploring nearby attractions.
  9. Personal Preferences and Lifestyle: Ultimately, your choice of location should align with your personal preferences and lifestyle priorities. Consider factors such as climate, cultural amenities, outdoor recreation opportunities, and proximity to friends and family when evaluating different neighbourhoods.

Choosing the right location for your home purchase is a multifaceted decision that requires careful consideration of various factors. Remember, investing time and effort into this decision upfront can lead to years of happiness and satisfaction in your new abode.

Looking to find your dream home but don’t have a REALTOR® yet? Call us at 705-743-4444 to speak to one of our agents. We always have someone on duty ready to help!

Market StatsMarket StatsMarket StatsMarket Stats 8 April 2024

Exploring the Booming Real Estate Market in Peterborough, Ontario

The real estate market in Peterborough, Ontario, has been buzzing with activity, evident from the statistics comparing March 2023 to March 2024. Let’s delve into the numbers to understand the significant shifts and trends that have shaped the housing landscape in this vibrant city.

Surge in Sales and Prices

In March 2024, Peterborough witnessed a surge in both the number of sales and average prices. The average number of sales rose to 97, marking a substantial increase from 75 in March 2023. This represents a remarkable year-over-year rise of 29.3%, indicative of the robust demand for properties in the area.

Accompanying this surge in sales is a commendable uptick in average prices. In March 2024, the average price of a property in Peterborough stood at $646,837, compared to $623,730 in the same period last year. This represents a solid year-over-year increase of 3.7%, underscoring the city’s resilience and attractiveness to both homebuyers and investors alike.

Market Dynamics: Supply and Demand

A closer look at the numbers reveals an interesting dynamic between supply and demand. Despite the increase in sales activity, the number of active listings in March 2024 decreased to 91, down from 137 in March 2023. This decline in active listings suggests a tightening of inventory, which could potentially drive prices further upward as competition among buyers intensifies.

The average number of days on the market further reflects the brisk pace at which properties are being bought and sold in Peterborough. In March 2024, the average number of days on the market stood at 22, indicating a swift turnover compared to the previous year.

Implications for Buyers and Sellers

For prospective buyers, the current market conditions in Peterborough present both opportunities and challenges. The increased competition and rising prices underscore the importance of acting swiftly and decisively when identifying and securing desirable properties. Working with a knowledgeable real estate agent who understands the local market dynamics can provide buyers with a competitive edge in navigating these conditions.

On the other hand, sellers stand to benefit from the strong demand and limited inventory, potentially leading to quicker sales and favourable pricing outcomes. However, pricing properties accurately and strategically remains crucial in maximizing returns and attracting qualified buyers.

 

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.

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