The Huron Perth Association of Realtors has reported a drop in home sales of 25.4 per cent in February, compared to a year ago.
There were 94 home sales completed last month, according to the association.
Home sales were 24.6 per cent below the five-year average and 21.5 per cent below the 10-year average for the month of February.
“Home sales were running below typical levels for this time of year even as new listings surged to their highest February since 2017,” said Bob Heimpel, president of the Huron Perth Association of REALTORS®. “This imbalance between supply and demand is likely the outcome of a mismatch between sellers’ pricing expectations and what buyers are willing to pay in a new interest rate environment, given the very healthy levels of inventory currently available. Overall supply levels are currently around where they stood in the spring of 2017 and still rising, so it doesn’t seem that lack of choice is the main culprit for reduced sales activity.”
There were 200 new residential listings in the area during February 2023. This was the largest number of new listings added in the month of February in more than five years. Active residential listings numbered 387 units on the market at the end of February. This is more than double the levels from a year earlier, jumping 290.9 per cent from the end of February 2022.
The MLS® Home Price Index (HPI) composite benchmark price was $536,400 in February 2023, a sharp decrease of 14.5 per cent compared to February 2022. The dollar value of all home sales in February 2023 was $55.8 million, a sharp decrease of 40.8 per cent from the same month in 2022.
