Slow end to the year for real estate market in Kawartha Lakes

A slow December closed out a slow year in real estate in Kawartha Lakes as home sales and prices slumped after a year of historic highs in 2021.

The number of homes sold through the MLS system of the Kawartha Lakes Real Estate Association during the month of December, 41, was down more than 24 per cent compared to the same month in 2021, as well as down almost 27 per cent and 23 per cent compared to five- and 10-year averages according to data from the Canadian Real Estate Association.

Overall home sales for the year likewise were down more than 31 per cent compared to 2021 thanks to particularly slow summer and fall seasons.

The MLS Home Price Index composite single-family benchmark price was $637,300. By the same measure, house prices were down almost 12 per cent from December 2021 when they sat at $720,900.

On the other hand, inventory levels in the Kawartha Lakes market continue to rebound from historic lows in 2021, with active listings surging more than 274 per cent at the end of the month compared to December 2021, and new listings increasing by 25 per cent and remaining higher than five- and 10-year averages.

The months of inventory, the number of months it would take to sell current inventories at current rate of sales activity, as of the end of the year was 3.6, compared to 0.7 at the end of 2021 and up an entire month compared to the previous month and back in line with long-run averages.

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