Huron Perth Association of Realtors are reporting the largest number of new listings for the month of April in a decade.
There were 351 new residential listings in April. The latest monthly report from the association also noted new listings jumped 37.1 per cent from April of last year.
New listings were 34.3 per cent above the five-year average and 26.8 per cent above the 10-year average for the month.
Balancing that out is the number of homes actually being sold – 180 units in April, just 12 more than the same time period in 2023. Home sales were 3.7 per cent above the five-year average and 4.1 per cent below the 10-year average for the month of April.
Teresa Ondrejicka, President of the Huron Perth Association of Realtors, said many would-be homebuyers are waiting on the sidelines for the first signs of an interest rate cut, so there is an accumulation of inventories in the local market.
“Luckily those levels are about halfway between the lows and highs we’ve seen in this region, so there’s an ample supply awaiting buyers when they decide to return but not so much that there’s downward pressure on prices.”
A total of 543 units have sold so far this year, up 12.7 per cent from the same time period in 2023.
The average price of homes sold in April 2024 was $628,473, a modest decline of 3.2 per cent from last year at this time.
There were 632 active residential listings units on the market at the end of April, a jump of 44 per cent from the end of April 2023.
