August home sales down 28.1% from a year ago, but prices remain at all-time highs
The average real estate sale price in Peterborough city and county for the year to date at the end of August was more than $400,000, the Peterborough and the Kawarthas Association of Realtors reported this week.
The all-time high average price is also about $75,000 more than in 2016 when local real estate sales started to soar.
Local sales have slowed in the past few months, reflecting the trend in the Toronto area after the provincial government introduced measures to cool down the overheated market, and they are well down compared to a year ago.
Residential sales numbered 223 units in August 2017, a decrease of 28.1 per cent from August 2016, the association reported.
On a year-to-date basis, home sales totalled 2,038 units over the first eight months of the year, down 9.7 per cent from the same period in 2016.
“August home sales continued a trend of moderating sales activity which mirrors what is happening across the Greater Golden Horseshoe region,” stated Dianne Tully, the association’s president.
“New listings have pulled back in line with sales over the last three months, suggesting both buyers and sellers in Peterborough County are moving to the sidelines for now to see what kind of impact recent changes to Ontario housing policy will have on the market.”
New residential listings on the association’s MLS system numbered 304 units in August 2017, down 17.6 per cent from August 2016 and a 20-year low for new supply in the month of August, the association reported.
Overall supply remains low. There were just 541 active residential listings on the association’s MLS system at the end of August, down 9.2 per cent from August 2016.
The association says that’s an all-time record low for the end of August. The long-term average for this time of the year is more than 1,300 local listings.
Residential months of inventory numbered just 2.4 at the end of August 2017. This was up slightly from 1.9 months at the end of August 2016 but was still well below the long-term average for this time of year, 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.
Meanwhile the Teranet and National Bank of Canada House Price Index, released Wednesday and based on rolling averages, found Peterborough home prices rose 0.17 per cent in August and are up 17.82 per cent year to date and 22.41 per cent from a year ago.