HURON-PERTH – The housing market showed no signs of cooling off last month, as the Huron Perth Association of REALTORS (HPAR) are reporting its second-best May on record.
A total of 239 homes sold in the HPAR catchment area last month, a 12.7 per cent increase over May 2022 sales.
Compared to the five-year average, home sales were 14.9 per cent above average for the month of May. Sales were 11.3 per cent above the 10-year average.
On a year-to-date basis, home sales totalled 736 units over the first five months of the year. This was down by 16.6 per cent from the same period in 2022.
“Home sales recorded a massive spike in May, rising to the second-best level for this month on record and boosted by a long-awaited resurgence in new listings,” said Bob Heimpel, president of the Huron Perth Association of REALTORS.
“Now that sellers are finally getting their properties back on the market in force, buyers that were previously sidelined due to a lack of choice or being priced out in multiple offer situations are able to find their next home. Demand is still outpacing supply, as even the strong lift in new listings did not prevent the overall stock of inventories from dropping again in May.”
The average price of homes sold in May 2023 was $659,062, a decrease of four per cent from May 2022.
The dollar value of all home sales in May 2023 was $157.5 million, increasing by 8.3 per cent from the same month in 2022. This was also a new record for the month of May.
The number of new listings was down only 0.8 per cent (three listings) from May 2022. There were 385 new residential listings in May 2023.
New listings were 25.3 per cent above the five-year average and 16.7 per cent above the 10-year average for the month of May.
Active residential listings numbered 522 units on the market at the end of May, up sharply by 61.1 per cent from the end of May 2022. Active listings haven’t been this high in the month of May in more than five years.
About HPAR
The Huron Perth Association of REALTORS represents approximately 255 REALTORS registered with its member offices. The geographical area served by the board is in southwestern Ontario, bordered by Lake Huron and Stratford’s Festival Theatre, and includes Huron and Perth counties.
