Home buyers in the Huron Perth region have plenty of options to choose from after nearly 700 listings were added to the region’s MLS System last month.
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New numbers from the Huron Perth Association of Realtors showed there were 684 units listed at the end of July. That represents a robust 45.8 per cent increase from the end of July 2023, and the highest July total since 2019. Active listings were 69.2 per cent above the five-year average and 36.8 per cent above the 10-year average for the month of July , association officials noted.
There were 337 new listings added last month, a 38.1 per cent increase over July 2023, a 28.4 per cent increase over the region’s five-year average and a significant increase of 45.4 per cent above the 10-year average. This was the largest number of new listings in the month of July ever, the association confirmed.
Last month, realtors in the region sold a total of 165 units, which is a 10 per cent jump over July 2023. However, sales were still 6.8 per cent below the five-year average and 8.6 per cent below the 10-year average for the month. So far this year, there have 980 homes sold in the Huron Perth region, representing only a 0.7 per cent increase over the same period last year.
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“Sales activity continued to build momentum in July while sellers came out in greater numbers than any other July in history,” said the association’s president, Teresa Ondrejicka.
There is currently 4.1 months worth of inventory. According to Ondrejicka, “Overall inventories are moving sideways at the moment due to a dead heat between the pace of demand and supply.”
“With more interest rate cuts on the horizon, variable lending conditions are expected to continue easing through the remainder of this year and next, which will likely prompt more buyers to return to the market but may also bring out more sellers in response,” she said.
Ondrejicka added that local projects, such as the United Housing project and Milverton and Erie Street developments that continue to move forward, will add a “multi-dimensional array of new housing” in the region.
The average price of homes sold last month was $642,303, a 5.1 per cent increase when compared to July 2023. The year-to-date average price, however, dipped by 2.3 per cent when compared to the same time last year.
The benchmark price, meaning the price a unit is expected to sell at, was $587,300 for a single-family home and $488,000 for an apartment.
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