January home sales were down in Huron Perth, with 93 dwellings changing hands. That's a decline of 19.1 per cent from a year ago.
“Home sales were still subdued in January but were roughly within 10% of their long-term averages, which is much better than some of our counterparts in other local markets,” said Bob Heimpel, President of the Huron Perth Association of Realtors. “Sales activity isn’t going to rebound overnight, so the theme of this year is going to be one of adjustment. The market still hasn’t fully absorbed the impact of the rapid series of rate increases by the Bank of Canada, including the most recent one in January which should be the last for the time being. As we move forward into a period of more stability, we should start to see a gradual improvement in consumer confidence and the re-emergence of sidelined buyers cautiously returning to the market.”
The MLS Home Price Index pegged the composite benchmark price at $533,500 in January 2023, which is down by 10.1 per cent compared to January 2022. The dollar value of all home sales in January 2023 was down 37 per cent over last year to $53.7 million.
More sellers are listing their properties, and new listing jumped 24.2 per cent in January, from January of 2022. The 338 active listings are more than double what was available a year earlier, up 275.6 per cent.
