Peterborough average home price $419,799 in October

The average home sale in Peterborough city and county was $419,799 in October, the Peterborough and the Kawarthas Association of Realtors reported, down from September’s all-time high average price of $448,993.

That’s about the seventh highest monthly average price on record and up 7.7 per cent from October 2017, the association reported.

The year-to-date average price was $426,861, up 8 per cent from the first 10 months of 2017.

Demand for homes in Peterborough has soared over the past few years as buyers from the Greater Toronto Area seek lower prices in areas further away from Toronto. That’s meant historically low levels of listings in Peterborough, although listings improved in October and sales have cooled off a bit this year.

The association reported 240 residential home sales through the MLS system in October, up 4.3 per cent (or 10 sales) from October 2017.

On a year-to-date basis, home sales totalled 2,265 units over the first 10 months of the year, down 16 per cent from the same period in 2017.

“Sales activity improved from September to October, climbing back into line with the 10-year average for the month,” stated Kristi Doyle, president of the Peterborough and the Kawarthas Association of Realtors.

“With inventories still historically low, October’s sizeable bounce in new listings gave buyers quite a bit more choice, and that likely contributed to the better sales figure.”

There were 364 new residential listings in October, up 42.7 per cent on a year-overyear basis and a four-year high for the month, the association reported.

Overall supply is up a bit from 2016 and 2017 but remains at extremely low levels. Active residential listings numbered 593 units at the end of October, the association reported, an increase of 15.8 per cent from the end of October 2017. The long-term average for this time of the year is twice that.