OnePoint Association of REALTORS® - Huron Perth

The number of homes sold in Huron Perth via the MLS® System of the OnePoint Association of REALTORS® totaled 151 units in November 2024. This was an advance of 39.8% from November 2023.

Home sales were 3.3% above the five-year average and 6.3% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 1,749 units over the first 11 months of the year. This was up by 8.8% from the same period in 2023.

“Our market continues to heat up as we wind down the year, with both sales and new listings activity still on the rise as buyers return in ever-greater numbers and sellers respond in kind,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “Home sales were back up to average levels in November, soaring above where they stood in the same month the past two years. With mortgage regulation changes on the way and further interest rate cuts likely coming over the winter months, it’s very probable that some of this momentum will continue through the traditionally quieter months before ramping up again in the spring.”

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 $579,700 in November 2024, up modestly by 3.7% compared to November 2023.

The benchmark price for single-family homes was $584,500, a minor increase of 3.8% on a year-over-year basis in November. By comparison, the benchmark apartment price was $468,900, increasing by 3.6% from year-ago levels.

The average price of homes sold in November 2024 was $616,544, an increase of 7.9% from November 2023.

The more comprehensive year-to-date average price was $624,369, a slight reduction of 0.4% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $93.1 million, a substantial gain of 50.8% from the same month in 2023.

The number of new listings saw a gain of 9.5% from November 2023. There were 230 new residential listings in November 2024. This was also the largest number of new listings added in the month of November in history.

New listings were 18.6% above the five-year average and 36.6% above the 10-year average for the month of November.

Active residential listings numbered 728 units on the market at the end of November, up by 14.5% from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years.

Active listings were 72.6% above the five-year average and 58.8% above the 10-year average for the month of November.

Months of inventory numbered 4.8 at the end of November 2024, down from the 5.9 months recorded at the end of November 2023 and above the long-run average of 3.4 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.