REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Set New Record in December
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 203 units in December 2020. This was a large increase of 50.4% from December 2019 and was a new sales record for the month of December. On an annual basis, home sales totaled 3,379 units over the course of 2020. This was an increase of 13.5% from the same period in 2019.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $384,800, rising 25.3% in December 2020 compared to December 2019. The benchmark price for single-family homes was $385,700, rising 26.1% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $327,500, edging up 2.3% compared to a year earlier, while the benchmark apartment price was $286,700, advancing 33.1% from year ago levels.
The average price of homes sold in December 2020 was a record $555,846, increasing considerably by 39.2% from December 2019. The more comprehensive annual average price was $481,441, rising 23.3% from all of 2019.
The dollar value of all home sales in December 2020 was $112.8 million, more than double the levels from a year earlier and rocketing up 109.3% from the same month in 2019. This was also a new record for the month of December.
There were 144 new residential listings in December 2020. This was up 5.9% (eight listings) from the end of December 2019. This was the largest number of new listings added in the month of December in five years. Active residential listings numbered 294 units at the end of December. This was a significant decline of 57.8% from the end of December 2019.
Active listings haven’t been this low in the month of December in more than three decades.
Months of inventory numbered 1.4 at the end of December 2020, down from the 5.2 months recorded at the end of December 2019 and below the long-run average of 8.4 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.
