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Home sales are down year-over-year in Kawartha Lakes thanks to chronically low inventory on the market.
Active real estate listings were down almost 30 per cent in March compared to 2021, with 89 units, according to data from the Canadian Real Estate Association.
When compared to five- and 10-year averages for the month, the inventory decline is even sharper at 55.9 per cent and 71 per cent respectively. In spite of the drop in inventory, the estimated time it would take to sell current inventories given the market’s current rate of sales activity remains unchanged from 2021 at 0.7 months of inventory.
The number of homes sold in Kawartha Lakes during the month of March – 120 – was down more than 33 per cent from March of last year, but still above five- and ten-year averages. Likewise, year-to-date, homes sales were down 34 per cent from the same period last year.
The overall MLS Home Price Index composite/single family home benchmark price for March in Kawartha Lakes was $749,500, an increase of 35.4 per cent over March 2021. The total dollar value of homes sold came in at $108.5 million, a decrease of 11.4 per cent from the same month in 2021.
