Prices for homes in Huron Perth appear to be leveling off as sales decline.
The MLS Home composite benchmark price was $553,100 in September 2022, up only 0.9 percentage points compared to September 2021.
The benchmark price for single-family homes was $554,300, nearly unchanged, up only 0.7 percentage points on a year-over-year basis in September. By comparison, the benchmark apartment price was $516,100, a sizable gain of 18.8 per cent from year-ago levels.
The Huron Perth Association of REALTORS saw a 21.1 per cent decline in home sales year-over-year, in September. The year to date 1,560 units sold represents a 17 per cent decline from 2021.
“Sales activity posted another year-over-year decline in September as demand remains subdued in the face of rising interest rates and shakier consumer sentiment,” said Julie Heitbohmer, President of the Huron Perth Association of REALTORS. “New listings surged in September, posting one of the highest levels for this month on record. Overall supply levels continue to rise on the back of a strong influx of new listings and weaker demand, although we are still historically low and only back at levels last seen in 2018.”
Meantime, the number of new listings saw an increase of 14 per cent from September 2021. There were 277 new residential listings in September 2022. This was the largest number of new listings added in the month of September in more than five years. New listings were 13.1 per cent above the five-year average and 10.6 per cent above the 10-year average for the month of September.
Active residential listings numbered 503 units on the market at the end of September, more than double the levels from a year earlier, leaping 146.6 per cent from the end of September 2021. Active listings haven’t been this high in the month of September in five years.
