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 191 units in October 2024. This was a jump of 44.7% from October 2023.

Home sales were 4.8% above the five-year average and 11% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,594 units over the first 10 months of the year. This increased by 6.3% from the same period in 2023.

“Sales activity roared back to life in October, surpassing expectations of a mild continued recovery by not only exceeding average levels for this time of year but also notching the fifth best October in history,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “Sellers have taken note of the return of buyers to the market and listed their homes at the most aggressive pace of any October on record. With demand surging as much as it did, the monthly balance of inventories has taken a step downward, although one month on its own does not make a trend. We’ll be monitoring the situation through the remainder of the year to see if buyers continue to return in greater numbers and how sellers respond if they do.”

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 $584,400 in October 2024, a gain of 4.3% compared to October 2023.

The benchmark price for single-family homes was $587,500, up by 4.4% on a year-over-year basis in October. By comparison, the benchmark apartment price was $511,700, a small gain of 1.8% from year-ago levels.

The average price of homes sold in October 2024 was $656,970, a gain of 8.9% from October 2023.

The more comprehensive year-to-date average price was $625,670, nearly unchanged, down only 0.9% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $125.5 million, a substantial increase of 57.6% from the same month in 2023. This was also a new record for the month of October.

The number of new listings saw a sizable gain of 14.5% from October 2023. There were 308 new residential listings in October 2024. This was also the largest number of new listings added in the month of October in history.

New listings were 26.4% above the five-year average and 41.3% above the 10-year average for the month of October.

Active residential listings numbered 795 units on the market at the end of October, increasing by 21% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.

Active listings were 73.7% above the five-year average and 57.2% above the 10-year average for the month of October.

Months of inventory numbered 4.2 at the end of October 2024, down from the 5 months recorded at the end of October 2023 and above the long-run average of 3.1 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.