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Peterborough Real Estate Market Report April 2024

Peterborough Real Estate Market Report April 2024

Peterborough Real Estate Market Update

Last updated May 6, 2024, at 4:00 p.m.

The Peterborough real estate market finished April 2024 with conditions starting to favour sellers at some price points and locations. Inventory and sales volume continue to build up for the spring, though listings are starting to drop compared to the rate of sales.

Sales volume is rising, in line with seasonal norms, but is much higher than last year at this time. Buyers are still nervous with the inflation and interest rate situation, and rates are clearly affecting buyer budgets, though there are signs that this sentiment is starting to change.

Mortgage rates have shown some easing recently, and getting a mortgage pre-approval (and rate lock) is essential for buyers who haven’t purchased yet.

Peterborough Real Estate Market Report Daily Table 2024

Peterborough Real Estate Market April 2024

Supply levels vary throughout the region, with 2.9 months of inventory (MOI) for the entire area. There are higher levels in some communities (outlying areas to the north and east). This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame. 

In April, transactions reported had selling prices averaging 709,536 in the Peterborough district, with the average property selling at 98.2% of list price (SP/LP). This is a 4.0% increase from last month and is down 7.5% from last April. 

Here is a look at average selling prices each month over the past three years. Prices climbed at a healthy pace over the first several months of last year, then fluctuated through September before dropping again. They have risen sharply since December.

Real estate prices Peterborough 2024 chart

The following chart shows average daily selling prices for detached homes across Peterborough in the past 90 days.

Peterborough Detached Home Prices Daily bar chart 2024

The average selling price of detached homes this month in the Peterborough region is just under 740,000. 

The selling price to list price ratios in most Peterborough communities show figures close to 98%, as shown in the table at the top of the page.

The recent performance in average sales price does not correlate with the relatively high average sale price to list price ratio. This shows how much interest rate hikes have cut into buyer budgets. They are still active, just not buying higher-priced homes to the same degree. This makes for a good situation for those interested in buying at the higher end of the market (until that situation changes).

Peterborough Market Report Selling Price to List Price Chart 2024

There are still some listings at lower price points being posted with offer dates, where no offers will be considered until that date. This is intended to pressure buyers (given the relative shortage of listings) and generate multiple offers.

Peterborough sale to list price ratio daily 2024 chart

Also, the sale price to list price ratio has averaged near the 98% mark. This shows that most properties are selling without multiple offers. Note in the above chart where the red bars appear. For those days, the selling prices were above 100% - signalling that bidding situations made selling prices higher than list prices on average.

Days on market (DOM) averaged 29.2. DOM is the number of days it takes for a property to be sold firm, or without any outstanding conditions. This number is dropping substantially recently, a sign that the market is heating up.

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Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.

Active listings had dropped in the winter months last year. They had climbed steadily since then (with a dip at the end of the year), putting pressure on selling prices. They are climbing, but at a slower rate than sales volume.

Peterborough active listings 2024 chart

More active listings make all the steps taken to compete among selling properties more important. When listings were more scarce, (including now but at lower price points) buyers were compelled to reduce expectations on location, property condition, etc. They also may have pressure in competitive situations to remove conditions on their offers.

Home sales volume Peterborough 2024 chart

The sales rate for April has increased by 11.6% compared to last month and is up 37.3% compared to this time last year, with a current pace of 5.8 units sold daily.

The following chart shows the daily sales volume for the past 3 months. 

Peterborough real estate sales volume 2024 daily chart

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Search Peterborough listings with sold prices

Buyers will still find multiple offer situations in some locations and price ranges, particularly at lower price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. With interest rates being volatile, and mortgage qualification rules under review, locking in a rate is more important than ever. Speak with your agent to discuss the process to move forward.

Potential sellers should be working with their agent to identify ways to set their home apart from competitive listings while reaching the widest possible audience.

If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me. As always, give me a call anytime if you would like to discuss this further without any obligation.

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About the Author

John Owen RE/MAX Courtice Oshawa Clarington

John Owen, Broker, RE/MAX Impact

John is an award-winning broker with RE/MAX Impact Realty and was their number-one agent in GCI for 2022.

Direct - 905-434-0067
Email - johnowen@remax.net

Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

The recent amalgamation of the former Kawartha Lakes Association of Realtors (KLAR), Quinte & District Association of Realtors (QDAR) and Northumberland Hills Association of Realtors (NHAR) with the Durham Region Association of Realtors (DRAR) has resulted in a new, larger board representing all of these regions called the Central Lakes Association of Realtors (CLAR).

The Multiple Listing Service (MLS) for all of these regions is now hosted by the Toronto Regional Real Estate Board (TRREB) and will make the availability and sharing of MLS data across all of these areas much easier to access, to the benefit of buyers and sellers, and the real estate community. 

Figures shown are for the following property types: detached, semi-detached, condo townhouse, condo apartment, link, att/row/townhouse, co-op apartment, detached condo and co-ownership apartment.

      

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