Peterborough Real Estate Market At Historic Low Inventory of Homes
Buyers looking to purchase a home in Peterborough have to be prepared to be patient as the local real estate market's inventory of homes is low.
According to Kristi Doyle, the President of Peterborough and the Kawarthas Association of Realtors, the region has nearly 500 active listings however from a historical average, there should be around 1,300 active listings.
She stated that this is the ripple effect from last year's buying frenzy where homes were purchased in record time and higher than the asking price.
Another factor behind the low inventory of homes in the area is the lack of home construction. Kristi Doyle mentioned that there isn't many new construction of homes right now.
The prices of homes continue to increase in Peterborough. The average home price increased to $412,000 from $400,000 on a year-over-year basis.
A local real estate brokerage owner stated that buyers and sellers have to lower their expectations given the current market. She mentioned that people cannot purchase much for $250,000 like a few years ago and people have to understand the average price of a home is more than $400,000.
She also mentioned that buyers are placing offers with more conditions in comparison to last year and this means more protection for buyers.