The number of homes sold dropped more than 30 per cent in Huron Perth in March compared to a year ago.
There were 145 home sales through the Huron Perth Association of Realtors last month.
The MLS Home Price Index composite benchmark price was $535,100 in March 2023, down 19.4 per cent compared to March 2022. The dollar value of all home sales in March 2023 was $84.5 million, down sharply by 46.6% from the same month in 2022.
However, Realtors Association President Bob Heimpel says demand is picking up slowly.
“MLS homes sales continued at a below average pace in March. Having said that, demand has most definitely picked up compared to the past few months.” said Heimpel. “Conventionally March signals the start of the busy spring season and during the month some encouraging green shoots emerged.”
“Demand is picking up, new listings are at the low end of what we would expect to see for this time of year, and overall inventory appears to be stable.” Heimpel continued. “Conditions in our local market have been holding steady in balanced territory for nearly a year but are starting to creep back in favour of sellers. Both MLS® HPI Benchmark Prices and average prices have slipped marginally in March but were virtually static over the past quarter. Time will tell how the next couple of months will play out, but our team continues to track our region’s data in an attempt to identify any trends that will provide forward guidance. ”
The 222 new listings last month represented a decline of 15.9 per cent from March 2022. New listings were 8.3 per cent below the five-year average and 11.2 per cent below the 10-year average for the month of March.
