Local real estate market has best July in five years
Posted By NICOLE RIVA/Examiner City Editor
Posted 1 day ago
Peterborough’s real estate market has had the best July in five years, and one local realtor is gleeful at the news.
“Can we say woo hoo,” said Barbara Criegern, president of the Peterborough and the Kawarthas Association of Realtors.
This good news is also on track with a strong resale market nationally, Criegern said. National sales increase by 18.2%.
“Consumer confidence is returning and we’ve seen that in a lot of other retail sales. I think people have realized prices have bottomed out and are back to where they should be.”
There were 334 sales last month compared to 287 in July 2008, an increase of 47 sales. There were fewer new listings at 554 compared to 668 in 2008.
The local market has been led by first-time homebuyers, Criegern said, with 50% of the sales in the $150,000 to $250,000 price range.
First-time buyers fuel the market because when they’ve bought, someone else has sold and likely bought another property, she said.
“Stable” is how Criegern describes the current market. House prices and interest rates have both stabilized, which increases confidence, she said.
“All of the markets are becoming more stable. People truly believe the worst is over and they want to get in on the lower interest rates and affordable prices before they begin to creep back up again.”
A decrease in properties on the market can also be good for someone looking to sell, Criegern said, because if the house is priced right it may mean less time for the listing.
Another positive sign for Criegern is that it’s not one type of property that’s selling well.
“Not just one segment is up or down,” she said.