Home sales slow in Grey Bruce, but prices are up

Photo from Flickr courtesy www.aag.com/retirement-reverse-mortgage-pictures

Home sales were about 15% lower in Grey Bruce Owen Sound in September, compared to the same month a year ago. The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 327 units last month, which still represents the the third highest September total on record. On a year-to-date basis, home sales totaled 2,796 units over the first nine months of the year. This was a gain of 10.4% from the same period in 2020.

The MLS® Home Price Index composite benchmark price was $523,900 in September 2021, an advance of 35.1% compared to September 2020. The year-to-date average price was $639,670, a notable increase of 38.5% from the first nine months of 2020. The dollar value of all home sales in September 2021 was $230.2 million, a gain of 18.5% from the same month in 2020. This was also a new record for the month of September.

The number of new listings increased by 3.3% (13 listings) from September 2020. There were 404 new residential listings in September 2021. This was the largest number of new listings added in the month of September in more than five years. New listings were 4.3% above the five-year average and 1% below the 10-year average for the month of September. Active residential listings numbered 534 units on the market at the end of September, a decline of 9.8% from the end of September 2020. Active listings haven’t been this low in the month of September in more than three decades. Active listings were 36.5% below the five-year average and 65.6% below the 10-year average for the month of September.

Months of inventory numbered 1.6 at the end of September 2021, up from the 1.5 months recorded at the end of September 2020 and below the long-run average of 5.5 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.