Photo by B. Shakyaver
In November 2023, the Huron Perth Association of Realtors reported a total of 106 homes sold, marking a 10.9% decrease from the same period in 2022. This decline reflects a broader trend, with home sales for the month being 25.8% below the five-year average and 25.2% below the 10-year average.
On a year-to-date basis, home sales in the first 11 months of 2023 totaled 1,600 units, representing a 9.7% decrease compared to the same period in 2022. Bob Heimpel, President of the Huron Perth Association of Realtors noted that sales activity is tapering off towards the year-end. He highlighted the potential for a quieter market until next spring but pointed out the increased supply, healthy inventory levels, and more flexible pricing for those willing to navigate the winter market.
The MLS Home Price Index (HPI) revealed a slight 0.5% gain in the overall benchmark price, reaching $555,000 in November 2023. Single-family homes saw a 1% increase in benchmark prices, reaching $559,200, while apartment prices decreased by 13% to $447,200 compared to the previous year.
The average price of homes sold in November 2023 was $573,248, representing a modest 1.1% reduction from November 2022. The year-to-date average price stood at $626,583, reflecting a 6.2% decrease from the first 11 months of 2022.
The total dollar value of home sales in November 2023 was $60.8 million, marking an 11.9% decrease from the same month in 2022. New listings, however, surged by 12.4%, with 208 residential listings added in November 2023—the highest number for that month in over a decade.
Active residential listings at the end of November numbered 601 units, a substantial 42.4% increase from November 2022. This surge in active listings, 80.6% above the five-year average, provides buyers with a diverse range of options. The months of inventory, indicating the time to sell current inventories at the current sales rate, stood at 5.7, up from 3.5 in November 2022 and above the long-run average of 3.6 months for this time of year.
Written by: B. Shakyaver
