Average home price rises to $427,934

While Peterborough city and county residential real estate sales are down from last year’s peak, average prices continue to be at record levels.

There were 295 residential units sold in June, the Peterborough and the Kawarthas Association of Realtors reported this week.

That’s down 15.2 per cent from June 2017, but it was also the smallest monthly decline so far this year, according to the association.

The average price of homes sold in June was $427,934, up 0.9 per cent from June 2017.

That makes the year-to-date average price $426,050, up 6.7 per cent from the first six months of 2017.

“Sales activity was still running a little below-average in June; however, it was nonetheless a second consecutive monthly improvement from this year’s lowest point in April,” stated Kristi Doyle, president of the Peterborough and the Kawarthas Association of Realtors.

“Meanwhile, the ongoing shortage of supply is keeping a floor under prices.”

On a year-to-date basis, home sales totalled 1,261 units over the first six months of the year, down 25.1 per cent from the same period in 2017.

There were 444 new residential listings in June 2018, a decrease of 13.5 per cent on a year-overyear basis.

While overall supply is up, it remains at extremely low levels, as has been the case for months.

Active residential listings numbered 701 units at the end of June. This was actually up 4.6 per cent from the end of June 2017 but remains well below all other years on record, according to the association. The long-term average for this time of the year is more than 1,500 listings.

Residential months of inventory numbered just 2.4 at the end of June 2018, up from the 1.9 months recorded at the end of June 2017 but still well below the long-run average of 7.1 months for this time of year. 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 property types numbered 322 units in June 2018, a decrease of 15.9 per cent from June 2017.