Photo by B. Shakyaver
According to the latest report from the Huron Perth Association of REALTORS, MLS home sales in December totaled 83 units, reflecting a modest gain of 2.5% compared to the same month in 2022.
While annual home sales for 2023 dipped by 9.1% from the previous year, totaling 1,683 units, the President of the Huron Perth Association of REALTORS, Bob Heimpel, expressed optimism. He attributed the lower sales figures for the year to higher interest rates, which temporarily sidelined some buyers.
The MLS Home Price Index (HPI) revealed a slight decrease of 1.4% in the overall benchmark price, reaching $544,600 in December 2023. The benchmark price for single-family homes saw a modest reduction of 0.7%, settling at $548,800. In contrast, the benchmark apartment price experienced a more significant drop, falling by 21.1% to $437,200.
Despite the annual decline, the average price of homes sold in December 2023 was $582,206, reflecting a decrease of 4.3% from the same month in 2022. The dollar value of all home sales in December 2023 was $48.3 million, showing a 1.9% decrease from December 2022.
New listings in December saw a notable increase of 19.4%, with 123 new residential listings, the highest for the month in over five years. Active residential listings also surged by 45% from the end of December 2022, reaching 490 units.
With active listings at their highest in December in over five years and a substantial increase in new listings, the coming months may offer a clearer picture of the market’s trajectory in 2024.
Written by: B. Shakyaver
