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The price of a home sold in Huron-Perth has skyrocketed last month as supply continues to decline.
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A total of 161 homes were sold in November, down almost 18% from a year ago, but the average price of $ 626,842 set a new record and was a substantial increase of 28.4 % compared to the same period in 2020.
For the year, the average price of $ 588,333 is up more than 31% from the first 11 months of last year. The dollar value of home sales in November rose 5.5 percent from the same month last year to $ 100.9 million, which was also a new record.
Home sales continue to rise despite limited supply, with last month’s total still 3.9% above the five-year average and 11.2% above the 10-year average for November.
Since the start of the year, a record 2,257 homes have been sold in the first 11 months, an 8.6% increase over the same period in 2020.
“Home sales hit the third highest November record on record and are on track to set a new annual record in 2021,†said Kathy Dawson, president of the Huron Perth Association of Realtors. “Even with new listings tending to above average levels, we’re still seeing overall supply drop to new all-time lows.”
There were 176 new residential listings in November, one less than in November 2020 but 14.3% above the five-year average and 7.4% above the 10-year average for the month .
There were only 125 active residential listings at the end of November, 57.7% below the five-year average and 79.6% below the 10-year average for the month. It also marked a 32.1% drop from the end of last November and the lowest of the month in more than three decades.
Inventory months were 0.8 at the end of last month, down from the 0.9 months recorded at the end of November 2020 and below the long-term average of 4.7 months for this period of the year. The number of months of inventory is the number of months it would take to sell current inventory at the current rate of sales activity.
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