Real Estate Market Numbers- What’s Happening?
The numbers are in for the first few months of 2023. The data for the single-family residential market is showing a similar pattern for listings and sales as in previous years, 2018-2020.
A sluggish start with an anticipated increase for the traditional “spring market”.
Residential Listings 2023
Residential Sales 2023
The average sale price for a Residential Single Family home in the Peterborough area is still well above the start of January 2020s $462,691 at $593,026 for January 2023. February saw a further increase to a monthly average of $623, 467. While this is approximately 25% below sales averages for these same months in 2022 they are not far off the beginning of 2021 as can be seen in the chart below. Prices are expected to settle in this pattern of 20% less than 2022 for the remainder of 2023.
Residential Average Sale Prices 2023
Residential Waterfront Market
In the residential waterfront market, we are seeing similar trends. The listing inventory has been slow to increase with just 63 residential waterfront listings for January and February combined. This was down from the 77 listings for those same months in 2022. Based on traditional trends we will anticipate a further increase in waterfront listings as the “spring market” takes hold. Residential waterfront sales tallied in at 27 sales for January and February in 2023 down 35 sales from the same time period in 2022. While this month is traditionally a strong sales month, a lack of buyer confidence in the market may lead to stalled sales. The Bank of Canada’s announcement on March 8th regarding interest rates and the economic climate will hopefully instill buyer confidence and a move towards a balanced market for the remainder of the 2023 real estate year.
Residential Waterfront Listings 2023
Residential Waterfront Sales 2023
The 20-25% decrease seen in average residential home sales extends to the waterfront market as well. The beginning of 2023 has shown deflated numbers as the market prices decreased in the latter half of 2022 and continued their downward trend in 2023. It’s not all doom and gloom as the average price is still well above the prices seen in January and February of 2020 and earlier years as seen in the chart below.
Residential Waterfront Average Sale Prices 2023
As mentioned the Bank of Canada announcement later this week will hopefully lend itself to a stabilizing of the market and allow buyers and sellers to move forward with confidence. The upcoming months’ market data will be telling how the general public is feeling about the real estate market. Stay tuned as we will share numbers each month as they are released by our local board, Peterborough and Kawartha Association of Realtors (PKAR).
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Team Lead “The Brad Sinclair Team”
Royal Heritage Realty, Brokerage
Visit my website! www.bradsinclair.ca
Call Or Text me 705-927-6236
Your Cottage Country Inside Source
**Not intended to solicit buyers or sellers under agency contract**
*All numbers presented were collected from data prepared and released by PKAR.