When I started real estate in 2007 for my second go at this crazy business called selling Real Estate one thing was always true in the Peterborough market and that was stability.
If you were selling your home in Peterborough it would take around 30 days to sell it and if you were selling rural property you would be looking at 60 days to sell it. Values would increase an average of 4% year after year. The busy months would be April, May and June for the spring market. September and October would be your busy fall market.
It is still considered a sellers market to a point. In Peterborough it is a sellers market for most homes listed $350,000 and under. When you get to the higher price homes, if not priced properly they will sit on the market with no activity. The lower price homes are producing a faulted sense of a Sellers market for everyone.
Trying to figure out value has proven difficult for everyone. Sellers see some houses sell for crazy numbers and want the same value. Problem being Buyers are growing tired of the multiable offers with crazy prices and giving up. It is a stalemate.
I been tracking numbers of Listings, Sales and Expireds since 2014. Listings are down again in 2018 by a couple hundred units compaired to the last few years. So we have an inventory problem.
That said our sales numbers are down as well. You see in 2017 our inventory numbers dropped in January through to May but our unit sales soared creating that crazy market that we witnessed. This is not the case now. Listings are down but so are the sales.
What does this mean? I am not sure to be honest. I believe the swing to a neutral market might take us to a Buyers market first. Something has to give so Buyers and Sellers are on the same page. That is a healthy market, good for everyone.
This all said, life goes on, real estate needs change. Buying and Selling will still happen. Make the smart decisions now so you are not impacted down the road. This is where a savvy real estate sales person comes in. Call me to discuss! 705-927-6236 (text works too!)