The Huron Perth housing market experienced notable growth in 2024, with December home sales reaching 93 units, up 6.9 per cent compared to December 2023.
Although slightly below the five and ten year December averages, the market saw its strongest year in three years, as annual home sales rose by 6.4 per cent, totaling 1,938 units.
The OnePoint Association of Realtors highlighted increased buyer activity and a rise in supply levels throughout the year.
“There was a definite upswing in sales activity in 2024 compared to the previous year, with most months posting year-over-year gains and December capping it off with a three-year high,” said Bonnie Looby, President of the OnePoint Association of Realtors. “With homebuyers starting to return to the market in greater numbers, sellers were out in force attempting to capitalize on the resurgence in demand. This led to an increase in overall supply levels, which are currently sitting above average levels. With more demand expected as interest rates continue to gradually unwind and new mortgage rule changes that came into effect in December, this should give buyers a wide selection of properties to choose from in the coming months if they want to beat the spring rush.”
December’s market showed a slight decrease in active listings, down 3 per cent from 2023, but the total supply remained above historical averages. With 591 active listings at the end of the month and 117 new listings added - 16.4 per cent fewer than December 2023 - the selection of homes was still broader than usual for the season.
Prices saw significant gains, with the MLS Home Price Index (HPI) composite benchmark price increasing by 6.6 per cent year-over-year to $583,800. Single-family homes reached a benchmark price of $588,700, up 6.7 per cent, while apartments saw a 5.5 per cent rise to $468,400. December’s average home price also climbed to $634,782, an 8.6 per cent increase from the previous year.
Despite annual price gains, the overall 2024 average home price was $623,924, a slight decline of 1.1 per cent compared to 2023. The dollar value of homes sold in December 2024 totaled $59 million, marking a 16.1 per cent increase year-over-year.