Prices in this set of data first peaked in 1990, then slumped to a low in 1995, and surprisingly
2009 is now the current peak for these average sets of data.
the 2008 figure is
$232,007, the jan-dec 2009 figure is $232,971 .....a +0.4% increase compared to the 2008
So below is a summary of the year on year changes in
the average residential selling prices .... with the 2008 to jan-dec 2009 being the smallest increases for some time ...
but it is an increase! ...
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 jan-dec2009 +0.4%
this is quite remarkable when you think back to how bleak the market outlook was back in january 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 in 2009 might have been expected to be much lower than 2008 ..
what will
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.
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 ... and just to complicate things a bit more we have the HST tax coming on july 1st 2010 which could
add $1,500 to $2,000 in extra costs to your purchase of a resale home...
see also the market
trends web page for some additional info on prices davidwoolverton.com/id10.html
next update due in March 2010
