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DID YOU KNOW?
– The average sale price is DOWN 6.64% from this time last year
– Inventory levels continue to be in favour of Sellers, however, there is a shift in the market, with 2.26 months of inventory in the City of Peterborough (that means it would take 68 days to completely sell the homes that are currently listed for sale in the city, based on the the current rate of sales activity)
– Houses in the West end of Peterborough are selling the most – with 15 sales last month
** Important to Note:
– When months of inventory goes up, prices come down, and when months of inventory goes down, prices go up (the law of supply and demand)
– A seller’s market = 4 months of inventory or less and a balanced market = 4-6 months of inventory.
The market is shifting and prices are more reasonable now vs. earlier this year (the average sale price is down 21% from the peak in March). Price decreases are happening, there is more inventory, longer days on market and not as many sellers “holding offers” as before (more are listing closer to market value and reviewing offers any time).
Take a look at the market snapshot for September 2022, and reach out if you have any questions. Whether you are buying, selling, investing or just daydreaming about a new home, I can help you make an informed decision.
Cover photo credit: Brian Parypa
