April 13, 2022 2:47pm
Huron Perth Realtors sold 207 homes in March, a spike of nearly 18% from a year ago. According to the Huron Perth Association of Realtors, sales activity has sustained incredible momentum since the post-lockdown recovery of 2021, with home sales this March reaching above 200 for only the third time in history for the month.
“New listings have been holding relatively steady over the past several months, which has been somewhat supportive for activity in our housing market. However, with demand being as strong as it is, overall inventories are still at record lows and the lack of supply has been driving price growth in the low 30% range for some time now, “said Julie Heitbohmer, President of the Huron Perth Association of REALTORS®.
Home sales were 18.4% above the five-year average and 22.9% above the 10-year average for the month of March.
The MLS® composite benchmark home price was $648,800 in March 2022, a jump of 34.3% compared to March 2021. The benchmark price for single-family homes was $653,800, a significant gain of 35.1% on a year-over-year basis in March. By comparison, the benchmark apartment price was $503,100, up by 6.6% from year-ago levels.
The average price of homes sold in March 2022 was $737,576, advancing 32.7% from March 2021. The more comprehensive year-to-date average price was $741,362, increasing by 36.4% from the first three months of 2021. The dollar value of all home sales in March 2022 was $152.7 million, up 9% from the same month in 2021. This was also a new record for the month of March.
The number of new listings were down 9.3% from March 2021. There were 264 new residential listings in March 2022. New listings were 8.3% above the five-year average and 3.9% above the 10-year average for the month of March.
Active residential listings numbered 128 units on the market at the end of March, down by 8.6% (12 listings) from the end of March 2021. Active listings haven’t been this low in the month of March in more than three decades. Active listings were 52.7% below the five-year average and 77.6% below the 10-year average for the month of March.
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