The number of homes sold through the MLS® System of the Huron Perth Association of REALTORS® totaled 131 units in February 2022. February home sales in Huron Perth dropped nearly 8% from a year ago.
The President of the Huron Perth Association of REALTORS®. said overall inventories remain at rock-bottom levels, leading to further upward pressure on prices. The MLS® Home Price composite benchmark was $615,300 in February 2022, a substantial increase of 33.5% compared to February 2021.
Home sales were 5.5% above the five-year average and 6.7% above the 10-year average for the month of February. On a year-to-date basis, home sales totaled 244 units over the first two months of the year. This was nearly unchanged, up only 0.8% (two sales) from the same period in 2021.
“The momentum in sales activity has continued unabated into early 2022, with February once again posting strong figures,” said Julie Heitbohmer, President of the Huron Perth Association of REALTORS®. “With new listings only trending at average levels for this time of year, overall inventories remain at rock-bottom levels. This has given way to further upward pressure on prices, with year-over-year benchmark price gains still holding above 30%. Mind you, this reflects price gains of over 30% on top of last year’s price gains of about that same percentage so in the past two years we’ve seen prices go up about 70%.”
The MLS report also said:
“The benchmark price for single-family homes was $619,600, a jump of 34.2% on a year-over-year basis in February. By comparison, the benchmark apartment price was $489,700, a gain of 10.7% from year-ago levels. The average price of homes sold in February 2022 was a record $754,828, a substantial increase of 38.5% from February 2021.
The more comprehensive year-to-date average price was $741,201, a jump of 39.7% from the first two months of 2021. The dollar value of all home sales in February 2022 was $98.9 million, increasing by 27.8% from the same month in 2021. This was also a new record for the month of February.
The number of new listings saw a modest decline of 3.2% (five listings) from February 2021. There were 150 new residential listings in February 2022. New listings were 9.3% above the five-year average and 4.9% below the 10-year average for the month of February.
Active residential listings numbered 88 units on the market at the end of February, down sharply by 27.9% from the end of February 2021. Active listings haven’t been this low in the month of February in more than three decades. Active listings were 60.9% below the five-year average and 83.3% below the 10-year average for the month of February.
Months of inventory numbered 0.7 at the end of February 2022, down from the 0.9 months recorded at the end of February 2021 and below the long-run average of 4.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.”
