More people are ready to sell their homes in Huron and Perth. February saw the largest number of new listings added in that month in more than a decade. The Huron Perth Association of Realtors reported 212 new residential listings in February 2024, a gain of 13.4 per cent from February 2023.
New listings were 23.3% above the five-year average and 31.4% above the 10-year average for the month of February. Active residential listings numbered 494 units on the market at the end of February, up sharply by 32.1% from the end of February 2023.
Sales are also picking up, with the 132 Multiple Listing Service sales in February, representing a 50 per cent increase over last year. Home sales were 3.9 per cent above the five-year average and 8.4 per cent above the 10-year average for the month of February. On a year-to-date basis, home sales totaled 226 units over the first two months of the year. This was up by 27.7 per cent from the same period in 2023.
“Sales activity posted a colossal year-over-year gain in February, rising from a five-year low to above-average levels,” said Teresa Ondrejicka, President of the Huron Perth Association of Realtors. “With the recent pickup in demand, sellers have responded in kind by returning to the market in greater numbers. Our market remains in balanced territory but is tightening month after month, although the overall supply of inventory is still rising. This suggests there is still an ample number of properties that have been hanging around the market for a while as sellers adapt their pricing strategies, which would also explain why prices are still trending lower.”
The MLS Home Price Index composite benchmark price was $548,700 in February 2024, up modestly by 1.6 per cent compared to February 2023.The more comprehensive year-to-date average price was $624,870, a moderate gain of 6.1 per cent from the first two months of 2023.