Average home price was $419,503 in November in Peterborough city, county
Prices up 3.4%, unit sales up 1.1% from a year ago, but supply of listings remains at near all-time low
The average price of homes sold in Peterborough city and county in November was $419,503, up 3.4 per cent from a year ago, according to the Peterborough and the Kawarthas Association of Realtors.
Home sales were at near normal levels for November and the supply of listings improved in November but remains at historically low levels.
There were 187 residential unit sales in November, up 1.1 per cent (two sales) from November 2017, the association reported.
“Sales activity continued to improve in November,” association president Kristi Doyle stated.
“With the number of listings on the market still low by historical standards, it is maybe not surprising that we would see a bounce in November sales following the big jump in new supply we saw in October.”
The year-to-date average price at the end of November was $426,192, up 7.6 per cent from the first 11 months of 2017, the association reported.
Year-to-date there have been 2,451 homes sold over the first 11 months of the year, down 15 per cent from the same period in 2017.
There were 220 new residential listings in November, up 6.3 per cent (13 listings) on a year-over-year basis.
Overall supply is up a bit from 2016 and 2017 but remains at historically low levels, the association reported.
Active residential listings numbered 470 units at the end of November, up 14.1 per cent from the end of November 2017. The long-term average for this time of the year is more than 1,000 listings.
Residential months of inventory numbered 2.5 at the end of November, up slightly from the 2.2 months recorded at the end of November 2017 but still well below the long-run average of 7.2 months 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.
For sales of all property types, there were 204 units in November, down 1.9 per cent (four sales) from November 2017.
The total value of all properties sold was $86 million, up 7.8 per cent from November 2017.
Meanwhile Canada Mortgage and Housing Corporation reported Monday that there were 25 housing starts in November in Peterborough, all single-family houses, up 56 per cent from 16 in November 2017.
At an annualized rate, housing starts are down 12 per cent in Peterborough, the agency reported, with 412 starts for the year ending in November, compared to 468 for the year ending in November 2017.
There has been a dramatic shift from single-family house starts to multiunit starts this past year.
Of the 412 starts, 88 were single-family houses and 324 were multiunit homes, compared to 192 and 276 a year ago.