Although we are coming close to the end of January I wanted to take a quick moment to recap the real estate market activity in Peterborough and the surrounding areas for the month of December 2010. Better late than never!
The market slowed down considerably early in the fall and remained rather quiet throughout November and December. Fewer new listings and sales than late summer/early fall but still better than some may have expected.
I have included multiple reports and statistics on sales and listing activity in the Peterborough area for the month of December 2010, comparing to the previous year as well as taking a look at the total sales activity going back to 2003.
Each report has been summarized in a few specific points below however I have included a copy of each so that you can see exaclty how the market currently is in the area as well as how we wrapped up 2010 in comparison to last year.
Report #1: December Stats You Should Know
Click HERE to open the link and review the December Real Estate Statistics for Peterborough, ON
1 - The inventory available at the end of the month was much lower than the previous year. There were 133 FEWER listings available to purchasers at the end of December 2010 in comparison to the same time in 2009, 9.2% less.
2 - Sellers are recognizing there being fewer options available to buyers in terms of listings. This is evident with the increase in the average list price as well as average sale price when comparing to the previous year. For the most part, and if priced according to market value, the sellers in the area are seeming to be getting closer to, and frequently more than their asking price due to the low inventory levels. As a result the average market time is also down by 7 days (63 days in comparison to 70) from last year this time.
-The average LIST price is up by 5.6% from last year
-The average SALE price is up by 6% from last year
3 - The number of total sales for the year of 2010 is up from 2009 with 2,987 units sold this year versus 2,827 units sold last year - 160 more sales in total over the course of the year, an increase of 5.7%
4 - The average list to sale price ratio has remained the same at 96% meaning that on average, sellers are getting 96% of their asking price (not taking price reductions into consideration)
*** Please note that 50% of listings in the area did NOT sell! I cannot stress enough the importance of pricing your property right the first time to ensure you receive the highest dollar on the sale of your home in the quickest amount of time.***
Report #2: Quarterly Report
Click HERE to open the link and review the "Quarterly report Oct. 1st to Dec. 31st 2010"
This report is for all types of single family homes within sub districts 1 through 5 in the city of Peterborough.
1 - The remaining months of inventory is 3.3 months slightly down from last quarters 3.5 months but up from last years same quarter of 2.3 months
2 - The average days on the market for the final quarter is running between 37 and 87 days for all price points within the city of Peterborough.
- Properties priced between $185,000 and $225,000 having the least amount of time on the market with 37 days on average
- Properties priced above $275,000 are sitting much longer than last quarter, on average 87 days on the market.
3 - When taking into consideration all price points within the city of Peterborough, the total average days on the market for the final quarter in 2010 is up to 55 days. Last quarter (July 1st to Sept. 30) properties listed for sale seemed to be selling much quicker with an average of 49 days of market time, almost a fell week less than the final quarter in 2010
Report #3: Sales Graph by Price Point
Click HERE to open the link to review the "Sales Graph By Price Point"
1 - This graph shows the total number of units sold from January 1st to December 31st 2010 in each price point
2 - The top five price ranges for property sales in the Peterborough and surrounding areas are as follows:
1 - $200,000 - $219,999: A total of 294 units sold in 2010
2 - $220,000 - $229,999: A total of 287 units sold in 2010
3 - $180,000 - $199,999: A total of 281 units sold in 2010
4 - $160,000 - $179,999: A total of 269 units sold in 2010
5 - $240,000 - $259,999: A total of 191 units sold in 2010
*** If you are looking to purchase a home within these price ranges, keep in mind that although there is much more inventory available under $260,000 than there is over this price point, you are competing with hundreds of other buyers who are interested in the same types of properties. Buyers who may be willing to pay more for the property with a single offer than you are prepared or willing to do so. For the most part, properties listed for sale in these ranges sell much closer to the asking price and in a quicker amount of time --- If you LOVE the home, always ensure to put your best offer in from the get go as soon as you know it's the one! ***
The bottom five price ranges for property sales in the Peterborough and surrounding areas are as follows:
1 - $480,000 - $499,999: A total of 15 units sold in 2010
2 - $440,000 - $459,999: A total of 17 units sold in 2010
3 - $460,000 - $479,999: A total of 19 units sold in 2010
4 - $80,000 - $89,999: A total of 20 units sold in 2010
5 - $400,000 - $419,999: A total of 24 units sold in 2010
Report #4: MLS Statistic Report
Click HERE to open the link to review the "MLS Statistic Report"
1 - From the MLS statistical report, you can see that in the month of December, the majority of new listings in the city of Peterborough came from the west end of town, sub-districts 2North, 2Cent & 2South with 13 new listings last month.
2 - The sub-districts where we are seeing the most activity within the city of Peterborough in terms of sales are:
- 5West and 5East (south end of town). While there were only 4 new listings in these sub-districts in the month of December, the sale to list price ratio for the month was a whopping 125% on the month
- 2North, 2Cent & 2South sub-districts saw the highest list to sale price ratio for the year of 2010 with a total of 85% of all listings sold
Report #5: PKAR Monthly Statistics, Sales & Listings Comparative
Click HERE to open the link and review the report "Monthly Statistics, Sales & Listings Comparative"
1 - There was increase in total number of sales as well as total dollar value of sales from 2009 to 2010 (as mentioned in report #1 - real estate stats you should know
2 - The spring market began early this year with buyers fearing for the impact of HST coming into play ; there were a lot more transactions completed between January and June of 2010 than the previous year
3 - July through to December of 2010 we saw a decrease in sales in comparison to the same times the year before. The introduction of HST and the overall state of the economy played a significant role in this decline.
Aditional Reports worth having a look at:
No Question is Wrong, What Matters is You Get The Right Answer!
Crystal Edwards, Sales Representative
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