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DID YOU KNOW?
- The average sale price is DOWN 9.8% from this time last year
- Although I am mentioning “depreciation”, what we’re really seeing is deceleration of appreciation (this is when prices continue to appreciate, but at a slower pace)
- Inventory levels are closing in on a balanced market, with 3.7 months of inventory in the City of Peterborough (that means it would take 111 days to completely sell the homes that are currently listed for sale in the city, based on the the current rate of sales activity)
- Home price appreciation is returning to normal seasonality
** 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.
Take a look at the market snapshot for October 2023, 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
