Home sales in Huron and Perth Counties have set a new sales record for the month of October.
The Huron Perth Association of Realtors reported 231 residential units changed hands in October, 2020, up nearly 33% from 2019.
On a year-to-date basis, home sales totalled 1,867 units over the first 10 months of the year, up 8.9% from the same period in 2019.
The MLS® Home Price Index composite benchmark price for single family homes was $407,000, rising about 16. % in October 2020 compared to October 2019.
“Market activity continued to hit new highs in October, marking a fifth consecutive month of record gains,” said Sherrie Roulston, President of the Huron Perth Real Association of REALTORS®. “Although new listings were up compared to this time last year, the story of our local market continues to be the higher than expected demand combined with extremely low overall inventory. These twin factors continue to contribute to upward price pressures, driving the average prices to some of the highest levels in history.”
Meantime, the comprehensive year-to-date average price for a single family home was $443,220, rising 14.2% from the first 10 months of 2019.
There were 228 new residential listings in October 2020. This was up 4.6% (10 listings) on a year-over-year basis, representing the largest number of new listings added in the month of October in more than five years.
However, overall supply continues to run at record low levels. Active residential listings numbered 214 units at the end of October, a large decline of 47.8% from the end of October 2019.
