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February was a hot month for real estate sales, continuing an upward trend so far this year, according to Huron Perth Association of Realtors.
Sales for last month totalled 132 units, up 50 per cent from the same time last year. After two months, 226 units have sold in the counties, up 27.7 per cent over the same period in 2023.
“Sales activity posted a colossal year-over-year gain in February, rising from a five-year low to above-average levels,” Teresa Ondrejicka, president of the Huron Perth Association of Realtors, said in a monthly update.
Home sales were 3.9 per cent higher than the five-year average and 8.4 per cent above the 10-year average for the month.
Ondrejicka said sellers are returning to the market after a recent pickup in demand, with overall inventory supply still rising. There were 212 new residential listings in February, up 13.4 per cent year-over-year for the month.
"This suggests there is still an ample number of properties that have been hanging around the market for a while as sellers adapt their pricing strategies, which would also explain why prices are still trending lower.”
The benchmark price for single-family homes was $553,200, up 1.9 per cent year-over-year for the month. The average price of homes sold in February was $630,734, up 7.6 per cent from the same time last year.
Active listings were 81.4 per cent above the five-year average and 21 per cent above the 10-year average for the month.
