Photo by B. Shakyaver
Home sales and new listings in February 2024 surged in the area, as reported by the Huron Perth Association of Realtors.
There were 132 units sold, marking a significant 50% increase compared to February last year.
Teresa Ondrejicka, President of the Huron Perth Association of Realtors highlighted the extraordinary year-over-year gain in sales activity, emphasizing a shift from a five-year low to above-average levels. Ondrejicka noted that sellers responded to this heightened demand by listing their properties, leading to a substantial increase in new listings.
The market, while still balanced, is gradually tightening month after month, with inventory levels on the rise. Despite this, the overall supply of inventory continues to increase, possibly due to lingering properties on the market as sellers adjust pricing strategies. Consequently, prices have been trending lower.
The MLS® Home Price Index (HPI) showed a modest increase in the composite benchmark price, reaching $548,700, up by 1.6% compared to February 2023. Single-family homes saw a minor increase in benchmark price, while apartments experienced a slight decline.
Average prices of homes sold also rose, with February 2024 averaging at $630,734, marking a 7.6% increase from the previous year. The dollar value of all home sales in February 2024 was $83.3 million, showcasing a substantial gain of 61.4% from the same month in 2023.
New listings saw a significant uptick, reaching 212 units, the highest recorded for February in over a decade. Active residential listings also rose sharply by 32.1% from the previous year, reaching 494 units by the end of February 2024.
Despite the increase in listings, months of inventory stood at 3.7, slightly down from the previous year but above the long-run average for this time of year.
Written by: B. Shakyaver
