What in the world is going on in our market?
As you may know or have notice, it doesn’t take long after a “For Sale” sign goes up to see a “SOLD” sign very quickly follow. If you recently been involved in a transaction you really have seen firsthand what has been going on with prices. Days on the market are down, inventory is down and prices are way up. Why?
I have read and been told that the 407 extension to the 115 is bringing in all those commuters and it is changing our market and driving up price. I strongly disagree that this is the case. When I break down the numbers it reads a story that is hard to explain. Let me tell you what I see. It all starts with inventory. Inventory is down. Inventory numbers from Jan-Sept reads as follows; (2014) 5337 Listings, (2015) 5079 Listings and (2016) 4332 Listings. Basically a drop of 14.71%. Now, units sold reads like this; (2014) 2328 units, (2015) 2710 units and (2016) 2832 units. This is an increase of 4.5% An increase of 4.5% of units sold is not an explosion of population and sales because of a toll highway extension. I would say the 4.5% increase is the Millenniums age group getting into the real estate market. The real question is why is inventory down 14.71%? I am only speculating by saying it is a blip in our market. I believe that the inventory numbers will return to normal next year. Peterborough and Area sees very little spikes and dips. Our market runs slow and steady and have done so for years.
Now don’t get me wrong. Once the extension of the 407 is complete, we may see an increase of population but I think we will see more of our local people stay in the area and not leave for better jobs as access is better. Things are looking bright for us in our area. Please embrace it, do not complain about it!
To find the Cottage Country Connection website click here.