Home sales trending down in Northumberland, average price soars to $721K

The average selling price of a home increased to $721,450 in July. /Grant Haven Media file photo

By editor/reporter Sarah Hyatt

Home sales in Northumberland are trickling down in recent months, but the average selling price of a home here still exceeds more than $720,000, according to the latest stats.

In the Central Lakes Association of Realtors’ latest housing market statistics report for July just released, home sales in Northumberland County totalled 144 last month, representing a 5.3 per cent drop in comparison to June. However, selling prices did increase in comparison to last month.

“The average selling price increased to $721,450, up 6.5 per cent from $677,570 the previous month,” reported the association. “A total of 380 new listings came to market and homes sold in an average of 48 days.”

However, in comparison to this time last year, sales are up slightly from 134, but the average selling price has dipped from $734,355.

According to the association, for its entire region, which also incorporates nearby Durham, Hastings and Prince Edward counties, and Peterborough and Kawartha Lakes, there were a total of 1,430 sales recorded across all its six regions last month.

“Compared to June, home sales and new listing activity declined across most CLAR regions, while average sale prices continued to vary by local market,” reads the latest report.

But CLAR President Christine Riley noted this follows several months of increased sales activity, and last month represented a more moderate pace and inventory levels remained healthy.

“Market conditions continue to vary across our region, making it important for buyers and sellers to understand what’s happening locally before making informed real estate decisions,” continued Riley, noting realtors can help explain local trends and provide guidance based on current market conditions.  

In nearby Durham, sales dropped about 12.6 per cent, but the average selling price remained relatively stable at $840,581, CLAR reported. There were a lot of new listings though – about 1,720. Homes are still also selling fairly fast with an average of 29 days spent on the market.

In Hastings County, sales dropped from 261 to 197 in July, representing a 24.5 per cent decrease, CLAR noted.

The average selling price also dipped slightly to $518,414. Homes in this area are spending a bit longer on the market, averaging 50 days.

In Kawartha Lakes, sales were essentially steady last month in comparison to June, but average selling prices declined by more than $32,000 to $702,431. Similar to Northumberland and Hastings, homes are spending an average 46 days on the market.

In the Peterborough area, the average selling price also dropped to $674,834 from $708,815 the previous month, the association reported. Just under 200 homes were sold last month, representing an 8.8 per cent drop in sales.

However, homes were still only spending an average 37 days on the market.

Finally, in Prince Edward County, sales were up 21.3 per cent from June. The average selling price also jumped to $764,362 in comparison to the previous month. New listings remained unchanged at 115, and homes were still staying longer on the market – an average of 60 days.

“Ontario’s recent investment through the Building Faster Fund recognizes that municipalities need the right tools and infrastructure to keep pace with housing demand,” noted CLAR CEO Wendy Giroux. “Peterborough’s success in surpassing its housing target is an encouraging example of what’s possible when governments and communities work together.

“We encourage continued investments and policy reforms that help all municipalities across our region accelerate housing supply, improve affordability and ensure residents have access to the housing they need.”