Huron Perth homeowners are jumping into the market and trying to sell their homes.
Last month, the Huron Perth Association of Realtors saw the number of new listings jump by 38.1 per cent from July 2023. There were 337 new residential listings in July 2024, the largest number of new listings added in the month of July in history. New listings are about 45 per cent above the ten-year average for the month of July.
Meantime, home sales in the region were up by ten per cent year-over-year in Huron Perth, as 165 homes were sold through the MLS System in July 2024. However, home sales were 6.8 per cent below the five-year average and 8.6 per cent below the ten-year average for the month of July.
On a year-to-date basis, home sales totaled 980 units over the first seven months of the year, essentially unchanged from the same period in 2023.
“Sales activity continued to build momentum in July, while sellers came out in greater numbers than other July in history,” said Teresa Ondrejicka, President of the Huron Perth Association of Realtors. “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. On another note, local initiatives like the United Housing project and Milverton and Erie Street developments continue to move forward and promise to add a multi-dimensional array of new housing in our region.”
The overall MLS HPI composite benchmark price was $583,200 in July 2024, nearly unchanged, down only 0.6 per cent compared to July 2023.