Photo by B. Shakyaver
In March 2024, the Huron Perth Association of Realtors witnessed a surge in new listings, signaling a dynamic shift in the local real estate landscape. Despite a modest increase in home sales compared to the previous year, the market remains cautious, with buyers seemingly biding their time amidst speculations of potential interest rate cuts.
According to data from the MLS System, a total of 139 homes were sold in March, marking a slight uptick of 1.5% from the same period in 2023. However, this figure still falls below the five and ten-year averages for March.
On a year-to-date basis, home sales experienced a notable rise of 15.6% compared to 2023, suggesting a growing interest in the region’s real estate offerings.
While buyers remain cautious, sellers seem eager to capitalize on the spring market. The MLS Home Price Index (HPI) reveals a steady increase in benchmark prices, with the overall composite benchmark price reaching $553,600 in March 2024, up by 1.3% from the previous year. Single-family homes saw a modest gain of 1.6%, while apartments experienced a minor decrease of 2.9% in benchmark prices.
Despite a slight reduction in the average price of homes sold in March 2024, the year-to-date average price saw a significant increase of 4% compared to the same period in 2023.
The market also saw a notable increase in new listings, with 266 residential properties hitting the market in March 2024, representing a 22% rise from the previous year.
Active residential listings surged by 32.5% compared to March 2023, reaching 542 units by the end of March 2024. This increase in inventory levels, coupled with a rise in months of inventory to 3.9, reflects a shift towards a more balanced market.
Written by: B. Shakyaver
