North Perth sees renewed surge in May real estate listings

MIKE WILSON

mwilson@midwesternnewspapers.com

NORTH PERTH – After months of few real estate listings in North Perth, May brought a surge of new listings to the market.

According to recently released data from the Huron Perth Association of REALTORS, there were 39 new listings last month – a 56 per cent increase over May 2021. Active listings were also up compared to last year, with 32 active listings as of May 31 – a 68.4 per cent increase over May 2021.

The number of homes sold locally also increased last month compared to the previous year. Twenty-one homes sold in May, a 50 per cent increase from May 2021. Seventeen of the homes sold were located in Listowel, with the remaining four homes sold located in Elma Township.

LDSS co-op program

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The average sale price in North Perth last month was $651,443, a modest increase of 15.4 per cent compared to May 2021, and a massive 235.8 per cent increase over May 2012. The average sale price in Listowel was $698,000, and Elma Township’s average sale price was $452,874. Despite the increased number of listings, houses are still selling relatively quickly and over asking price. The median days on the market for North Perth last month was 8.0, and the sale to list price ration was 106.3 per cent.

Howick

In Howick, seven homes sold last month with an average sale price of $648,889. The number of homes sold is up 75 per cent from a year ago, and the average price is up 29.8 per cent.

Supply remains low in Howick, with six active listings at the end of May. Months of inventory is currently 0.9, half the rate it was a year ago but down from 5.0 in May 2012.

Perth East

Nine homes were sold in Perth East last month, a 12.5 per cent increase from May 2021. The av-

Huron erage sale price was $835,839, up 41.8 per cent from May 2021 and 209.6 per cent from May 2012.

The number of new listings for the month of May in North Perth was the highest it’s been in eight years. There were 39 new listings last month, up from 25 in May 2021. The last time there were this many new listings in May was in 2014, when there was also 39.

As of May 31, there were 19 active listings in Perth East.

Regional picture

Including home sales in North Perth, Ho- wick and Perth East, a total of 214 units were sold in May. This was a decrease of 14.1 per cent from May 2021.

Home sales were 3.1 per cent above the five-year average and 0.9 per cent above the 10-year average for May.

The average price of the homes sold last month in the region was $685,082, a jump of 10.7 per cent from May 2021. The total dollar value of all homes sold in the region last month was $146.6 million, a slight increase of 4.9 per cent from the same time last year.

“Home sales were trending at average levels for this time of year, which is a decline from the record May we saw in 2021 but still quite solid considering many other markets in the province are currently posting below-average levels of activity,” said Julie Heitbohmer, president of the Huron Perth Association of REALTORS.

“The surge in new listings was a welcome sight as some much-needed supply returned to the market. However, with demand still being as strong as it is, overall supply levels continue trending near historical lows and it will take more than one month of stronger new listings to have any meaningful impact on the market balance.”

“It is immensely important for local businesses to support co-op programs to give students the opportunity to experience various career paths before going off to school. It allows students to build networks and connections that can create endless referrals and opportunities throughout their working life.

“With these connections students can return to the area to live and work where they can have job offers, start businesses of their own and have a support group of experts behind them or have a learning experience that can conjure a lifelong love in a specific field. Working locally allows students to see where demands are in our community and find ways to fill these needs in their educational pathway as well.”