October 12, 2021 2:35pm
The number of homes sold through the MLS® System of the Huron Perth Association of REALTORS® totaled 213 units in September 2021.
That’s a decline of about 4% from a year ago. However, home sales were 8.8% above the five-year average and 14.6% above the 10-year average for the month of September. On a year-to-date basis, home sales totaled a record 1,878 units over the first nine months of the year. This was a sizable gain of 14.2% from the same period in 2020.
The MLS® Home Price Index composite benchmark price was $546,400 in September 2021, a substantial gain of 35.3% compared to September 2020. The benchmark price for single-family homes was $549,000, an advance of 35.6% on a year-over-year basis in September. By comparison, the benchmark apartment price was $474,400, an increase of 24.6% from year-ago levels.
The dollar value of all home sales in September 2021 was $131.1 million, up by 28.3% from the same month in 2020. This was also a new record for the month of September.
“Sales activity came in slightly below levels from last September but managed to post the second highest level for the month on record,” said Kathy Dawson, President of the Huron Perth Association of REALTORS®. ” Sales activity hasn’t cooled off much but new listings are back down to average levels. Due to the continued strength in demand, along with the extremely low levels of inventory currently on the market, we expect strong price growth to continue through the rest of the year.”
The number of new listings saw essentially unchanged, up just 0.4% (one listing) from September 2020. There were 242 new residential listings in September 2021.
New listings were 6.9% above the five-year average and 0.9% below the 10-year average for the month of September.
Active residential listings numbered 187 units on the market at the end of September, a big decline of 30.2% from the end of September 2020. Active listings haven’t been this low in the month of September in more than three decades.
Active listings were 50.4% below the five-year average and 74.6% below the 10-year average for the month of September.
Months of inventory numbered 0.9 at the end of September 2021, down from the 1.2 months recorded at the end of September 2020 and below the long-run average of 4.2 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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