April 13, 2023 at 12:37 am
The number of homes sold in Huron Perth was down more than 30 per cent in March compared to a year ago.
The Huron Perth Association of Realtors sold 145 homes last month.
The March 2023 MLS Home Price Index Composite Benchmark price was $535,100, a 19.4% decrease from March 2022. The dollar value of all home sales in March 2023 was $84.5 million, a significant decrease of 46.6% from the same month in 2022.
However, Bob Heimpel, president of the National Association of Realtors, said demand was slowly picking up.
“MLS home sales continued to grow at a below-average rate in March. That being said, demand has definitely picked up compared to the past few months,” Hempel said. “March traditionally marks the start of a busy spring season and some encouraging new shoots are emerging this month.”
“Demand is picking up, new listings are at the low end of what we expect for this time of year, and overall inventory appears to be stable,” Hypel continued. “Conditions in our local market have remained stable and in balance for almost a year, but are starting to pick up in favor of sellers. MLS® HPI benchmark and average prices slipped slightly in March but remained virtually unchanged over the past quarter . Time will tell how the results play out over the next few months, but our team will continue to track the data in our region, trying to identify any trends that can provide forward guidance.”
Last month’s 222 new listings represented a 15.9% drop from March 2022. New listings are 8.3% below the 5-year average and 11.2% below the 10-year average.