Peterborough home prices at record high

Average home prices in Peterborough city and county soared to another all-time high in September.

The average home price last month was $470,452, up slightly from the previous all-time high of $469,313 set in August and up 4.3 per cent from a year ago.

There were 267 residential sales in September, up 40.5 per cent from a year ago, the Peterborough and the Kawarthas Association of Realtors reported.

“Sales activity continued to climb in September, with buyers benefitting from more new listings in the last few months,” stated association president Cathy Burningham.

“That said, this trend will have to continue well into next year in order to get the market back into better balance. At the moment, even with these increases in new supply, there is enough demand out there to snap most of them up.”

Year to date, the average price has been $455,508, which is up 6.5 per cent from the first nine months of 2018.

There were 422 new residential listings in September, resulting in 768 active listings by the end of the month.

That’s a 16.2 per cent improvement in inventory over a year ago, but local listings remain well below average, as they have been since 2016.

At the current rate of sales activity, it would take 2.9 months to sell all of the listings, well below the 10-year average of 5.2 months for this time of year, the association reported.

There were 291 sales of all property types in September, which is up 36 per cent from a year ago.

Nearby, home prices and sales are also rising, with listings also below normal levels.

In Northumberland County, the average price in September was $480,961, up 6.2 per cent from a year ago, on sales of 100 units, up 19 per cent from September 2018, the Northumberland Hills Association of Realtors reported.

In the City of Kawartha Lakes, average prices again topped $450,000 in September, down a bit from the all-time average high in July.

The Kawartha Lakes Real Estate Association reported 134 residential sales last month, unchanged from a year ago but up from August.