Prices in this set of data first peaked in 1990, then slumped to a low in 1995, and surprisingly
jan-July 2010 is now the current peak for these average sets of data.
the 2009 figure
is $232,971 , the jan-jul 2010 figure is $245,864 .....a +5.5% increase compared to the
2009
So below is
a summary of the year on year changes in the average residential selling prices .... with the 2008 to 2009 being the smallest
increases for some time ...
2002 to 2003
+12%
2003 to 2004
+11.2%
2004 to 2005
+9.0%
2005 to 2006
+3.6%
2006 to 2007
+6.8%
2007 to 2008
+2.2%
2008 to 2009 +0.4%
2009 to jan-july 2010 +5.5%
this is quite remarkable
when you think back to how bleak the market outlook was back at the end of 2008/beginning of 2009
This is just one of many charts i have prepared to help my clients get a feel
for the Peterborough and Kawartha Lakes area realestate market. Other titles in the series include:
*Separating
data for city and county areas
*Separating out waterfront
*Separate charts for 1-2, 3, 4, and 5 bedrooms
*Cottage/Recreational
also separating out waterfront
*Number of city sales in each month for single & multifamily
*Number of county
sales in each month for waterfrontage & nonwaterfrontage
*Number of cottage sales in each month seperating out waterfont
and non-waterfont
Also from the data used to produce the charts we can get an approx av percentage increase in
price year on year for each of these categories
These sorts of graphs are essential to understand the trends in
prices, but do not replace a detailed determination of market value for a particular property by performing a comprehensive
comparative market analysis....
if you are thinking of selling,
contact me now for a comprehensive comparative market analysis of your own property..... as right now
might be a good time to sell .. we are already getting mulitple offers for some properties ..
if
this recession was going to follow the pattern of the last recession from 1990-1996, then the average selling price might
have been expected to be falling year on year from around 2007 .. but it is still increasing year on year for some
of these charts
what will the remainder 2010 bring for the real estate market in this area? ... no one
knows for sure what is going to happen next, not even heads of government or heads of the banking system, as this
an unprecedented world wide recession that we are hopefully coming out of, but we also have unprecendented world wide low
interest rates and massive stimulus packages taking effect... this recession is certainly unlike any other.... but we
have had a slight tightening of the mortgage approval rules, and then on the 1st July 2010 was the introduction
of HST which can add approx $1500 to $2000 to an average resale home purchase.
If
you are thinking of buying, contact me to discuss all your options as we head into this very different market ... mortgage
interest rates have been at historically low levels and can probably only start to go gradually higher as we
get into the second half of 2010, plus many buyer incentives are in place ... so the right time to buy for
you will depend on so many factors and your own situation ... see also the market trends web page for some additional
info on prices davidwoolverton.com/id10.html
next update due in September 2010
