Huron Perth Association of REALTORS® MLS® home sales, new listings step back in January
The number of homes sold through the MLS® System of the Huron Perth Association of REALTORS® totaled 91 units in January 2021. This was a decrease of 15% from January 2020.
"Home sales pulled back compared with the breakneck pace of the previous several months, as the influx of new supply coming onto the market also stepped down in January," said Kathy Dawson, President of the Huron Perth Association of REALTORS®. "However, with listings down more than sales the market continues to see unprecedented tightness. Overall inventories are at record lows and still falling. On the price side there are two different stories playing out – benchmark prices for single family homes are moving further into double-digit territory while apartment benchmark prices continue their decline that began last 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 $436,300, rising 26.9% in January 2021 compared to January 2020.
The benchmark price for single-family homes was $437,200, advancing 27.7% on a year-over-year basis in January. By comparison, the benchmark apartment price was $413,500, down 4.2% from year-ago levels.
The average price of homes sold in January 2021 was a record $510,695. Improving 25.3% from January 2020 and breaching the 500K mark for the first time ever.
The dollar value of all home sales in January 2021 was $46.5 million, up 6.6% from the same month in 2020. This was also a new record for the month of January.
There were 102 new residential listings in January 2021. This was down 29.7% from the end of January 2020. This was also the lowest number of new listings added in the month of January in history.
Active residential listings numbered 114 units at the end of January. This was a significant decline of 62.6% from the end of January 2020. Active listings haven't been this low in the month of January in more than three decades.
Months of inventory numbered 1.3 at the end of January 2021, down from the 2.9 months recorded at the end of January 2020 and below the long-run average of 6.5 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.
BOARD & ASSOCIATION INFORMATION
The Huron Perth Association of REALTORS® represents approximately 255 REALTORS® registered with its member offices. The geographical area served by the Board is in southwestern Ontario, bordered by Lake Huron and Stratford's Festival Theatre, and includes Huron and Perth Counties.