Grey Bruce Owen Sound home sales plummeted by over 26% in May compared to last year. The REALTORS® Association of Grey Bruce Owen Sound said members sold 270 units through the MLS last month.
The Association reported home sales were 11.5% below the five-year average and 18.8% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 1,210 units over the first five months of the year. This was a decline of 16.2% from the same period in 2021.
The MLS® Home Price composite benchmark price was $645,200 in May 2022, an increase of 23.7% compared to May 2021. The dollar value of all home sales in May 2022 was $193.5 million, down 20.3% from the same month in 2021.
New listings were 14.6% above the five-year average and 7.1% below the 10-year average for the month of May. The number of new listings saw a gain of 13.6% from May 2021. There were 584 new residential listings in May 2022. This was the largest number of new listings added in the month of May in five years.
Active residential listings numbered 709 units on the market at the end of May, a significant gain of 36.9% from the end of May 2021. Active listings were 10.4% below the five-year average and 51.4% below the 10-year average for the month of May.
Months of inventory numbered 2.6 at the end of May 2022, up from the 1.4 months recorded at the end of May 2021 and below the long-run average of 4.4 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.