Home sales were hot in Huron and Perth counties in September, setting a new sales record for the month.
The Huron Perth Association of Realtors reports 222 residential properties were sold in September, which is up 20% over the same month last year.
On a year-to-date basis, home sales totaled 1,636 units over the first nine months of the year. This was up 6.2% from the same period in 2019.
The average price of residential properties sold in September 2020 was $461,451, advancing 14.7% from September 2019.
The more comprehensive year-to-date average price was $437,926, rising 13.9% from the first nine months of 2019.
Overall supply continues to run at record low levels. Active residential listings numbered 255 units at the end of September, declining 41.5% from the end of September 2019.
Residential months of inventory numbered 1.1 at the end of September 2020, down from the 2.4 months recorded at the end of September 2019 and below the long-run average of 4.8 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.
The dollar value of all home sales in September 2020 was $102.4 million, a significant increase of 37.6% from the same month in 2019. This was also a new record for the month of September.
"Market activity remained strong in September,” said Sherrie Roulston, President of the association. “Although new listings appear to have stabilized in our region over the last few months, the story of our local market continues to be the higher than expected demand for this time of year combined with the low overall inventory. These twin factors continue to contribute to upward price pressures, driving September average price to the second-highest level in history.”