HURON-PERTH – Home sales in Huron-Perth have come “back down to earth” from last July’s unprecedented record number of home sales.
According to the Huron Perth Association of REALTORS (HPAR), 213 homes were sold through the MLS System in July 2021, a 25.3 per cent decrease from July 2020.
Home sales were 2.2 per cent below the five-year average and 0.3 per cent below the 10-year average for July.
On a year-to-date basis, home sales totalled a record 1,411 units over the first seven months of the year. This was up by 21.4 per cent from the same period in 2020.
However, despite the declines, HPAR says home sales have returned to normal levels for this time of year.
“Going forward we expect to see more declines but those will all be compared to the astronomical highs of the second half of 2020,” said Kathy Dawson, president of HPAR.
“New listings have held up remarkably well. In contrast to many other markets in Southern Ontario we’ve seen an increase in new supply. While this has only just barely lifted overall inventories from rock-bottom levels it’s still a promising sign to see that the market balance is gradually shifting in the direction of a more balanced position.”
While the number of homes sold has returned to normal levels, the prices have not.
The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS HPI composite benchmark price was $543,400 in July 2021, an advance of 40.8 per cent compared to July 2020.
The benchmark price for single-family homes was $546,100, up sharply by 41.4 per cent on a year-over-year basis in July. By comparison, the benchmark apartment price was $454,300, a sizable gain of 10.5 per cent from year-ago levels.
The average price of homes sold in July 2021 was $574,546, an increase of 27.3 per cent from July 2020.
The more comprehensive year-to-date average price was $577,724, a jump of 36.1 per cent from the first seven months of 2020.
The dollar value of all home sales in July 2021 was $122.4 million, falling by 4.8 per cent from the same month in 2020.
The number of new listings saw a sharp decrease of 14.6 per cent from July 2020. There were 251 new residential listings in July 2021.
New listings were 4.9 per cent above the five-year average and five per cent below the 10-year average for July.
Active residential listings numbered 217 units on the market at the end of July, down sharply by 33 per cent from the end of July 2020. Active listings haven’t been this low in July in more than three decades.
Active listings were 47.8 per cent below the five-year average and 72.5 per cent below the 10-year average for July.
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.
