July home sales through the Multiple Listing Service (MLS) plummeted nearly 53% in Grey Bruce Owen Sound since July of 2021. Members of the REALTORS® Association of Grey Bruce Owen Sound sold 148 units in July 2022.
Home sales were 50.9% below the five-year average and 51.6% below the 10-year average for the month of July. On a year-to-date basis, home sales totaled 1,583 units over the first seven months of the year. This was a large decline of 26.3% from the same period in 2021.
The MLS® Home Price Index composite benchmark price was $609,100 in July 2022, a sizable gain of 12.8% compared to July 2021.The benchmark price for single-family homes was $614,300, increasing by 12.2% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $586,800, a gain of 25% compared to a year earlier, while the benchmark apartment price was $365,500, up sharply by 36.6% from year-ago levels.
The average price of homes sold in July 2022 was $646,066, increasing by 5.3% from July 2021. The more comprehensive year-to-date average price was $726,526, a gain of 15.2% from the first seven months of 2021.
The number of new listings saw an increase of 14.4% from July 2021. There were 446 new residential listings in July 2022. New listings were 5.2% above the five-year average and 6.2% below the 10-year average for the month of July.
Active listings were 16.3% above the five-year average and 32.5% below the 10-year average for the month of July. Active residential listings numbered 1,070 units on the market at the end of July, a jump of 78% from the end of July 2021.