The Huron Perth Association of Realtors has released year end home sales figures, which show home sales are starting to level off.
President Bob Heimpel said 81 residential units were sold through the Multiple Listing Service in December of 2022, which was down over 17 per cent from the same month in 2021.
The 1,907 units sold in 2022 represents a 19.3 per cent decline from 2021.
"Reasons behind that came down to the quickly changing markets, as well as rising interest rates," he explained. "It's a calming down situation. So '22 saw sales that quickly calmed down in comparison to '21. I'd say more in comparison with '18 and '19."
However, for buyers, there are plenty of homes to choose from. The number of new listings jumped 43.8 per cent from December 2021.
The MLS Home Price Index composite benchmark price was $537,900 in December 2022, a decline of 5.3 per cent compared to December 2021. The annual average price was up 6.5 per cent from 2021, to $693,726.
"The benchmark price for single-family homes was $549,800, a minor decrease of 1.9 per cent on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $457,600, a big reduction of 10.9 per cent compared to a year earlier, while the benchmark apartment price was $340,000, increasing by 1.9 per cent from year-ago levels," the report said.