Home sales come off the boil in February

Home sales activity recorded through the MLS® System of the Peterborough and the Kawarthas Association of REALTORS® Inc. posted a another large year-over-year increase in February 2015.

Residential sales numbered 167 units in February 2015. This was up 34.7 per cent from February 2014 and marked the strongest February sales figure in five years.

Sales of all types of properties numbered 188 units in February 2015, rising 27.0 per cent year-over-year.

“While home sales activity in February wasn’t right off the charts like we saw in January, it was still running at very healthy and above average levels, said Dominic Cole, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. “Meanwhile, the average price of those sales was little changed compared to a year earlier.”

The average price for all homes sold through the Association’s MLS® System in February 2015 was $261,568, edging down just five tenths of one per cent from February 2014.

New residential listings on the Association’s MLS® System numbered 296 units in February 2015. This was an increase of 2.4 per cent from February 2014.

There were 862 active residential listings on the Association’s MLS® System at the end of February, down 4.9 per cent from February 2014.

Residential months of inventory numbered 5.2 at the end of February 2015. This was down from 7.3 months at the end of February 2014 and stood below the long-term average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $43.7 million in February 2015, jumping 34.0 per cent from February 2014. The total value of all property sales was $51.6 million in February, up 23.5 per cent from February 2014.