Average home price $424,232

Peterborough home prices up 39.4% from a year ago

Peterborough’s average home price smashed through the $400,000 mark for the first time in the city’s history in April, as demand for the city’s single-family dwellings continued to soar.

The average price for all homes sold through the Multiple Listing Service in April was $424,232, up 39.4% from April 2016, the Peterborough and the Kawarthas Association of Realtors reported Monday.

While prices were a record high, there were fewer residential sales compared to a year ago and the the number of listings improved slightly in April from earlier in the year.

Residential sales numbered 302 units in April 2017, a decrease of 20.5% from the April record set a year earlier, the association reported.

On a year-to-date basis home sales totalled 882 units over the first four months of the year, down 3.9% from the same period in 2016.

“New listings, while still low, were up in April compared to the first few months of the year,” stated association president Dianne Tully. “That provides a small bit of relief to this supply starved market, but with many of those listings coming up after the Easter long weekend, we will have to wait for the May data to see how much of a boost they give to sales.”

The year-to-date average price was $386,195 in April, which is up 29.8% from the first four months in 2016.

There were 408 new residential unit listingss in April 2017, a decline of 5.8% from April 2016 and the lowest April since 2003, the association reported. Overall supply is currently running near record lows. There were just 341 active residential listings on the association’s MLS system at the end of April, down 52.8% from April 2016.

Residential months of inventory numbered just 1.1 at the end of April, a record low, down from an already low 1.9 months at the end of April 2016, the association reported. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Sales of all types of properties numbered 338 units in April 2017, down 17.6% from April 2016.