October’s Market Update from the Realtor’s® Association of Grey Bruce Owen Sound shows it’s still a strong seller’s market. Read on for a breakdown of details and specifics.
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 301 units in October 2021. This was a substantial decline of 21% from October 2020. Home sales were 3.5% below the five-year average and 6.2% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 3,095 units over the first 10 months of the year. This was a gain of 6.2% from the same period in 2020. 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 $526,600 in October 2021, an advance of 32% compared to October 2020.
The benchmark price for single-family homes was $527,800, up sharply by 31.8% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $448,100, a substantial increase of 38.4% compared to a year earlier, while the benchmark apartment price was $369,400, a jump of 31.4% from year-ago levels.
The average price of homes sold in October 2021 was $657,322, up by 26.1% from October 2020. The more comprehensive year-to-date average price was $640,909, a substantial increase of 36.4% from the first 10 months of 2020.
The dollar value of all home sales in October 2021 was $197.9 million, a slight reduction of 0.4% from the same month in 2020.
“The number of new listings saw a decline of 12.9% from October 2020. There were 291 new residential listings in October 2021. This was the lowest number of new listings added in the month of October in more than 15 years.”
Realtor’s® Association of Grey Bruce Owen Sound
New listings were 12.6% below the five-year average and 14.5% below the 10-year average for the month of October.
Active residential listings numbered 452 units on the market at the end of October, a decline of 7% from the end of October 2020. Active listings haven’t been this low in the month of October in more than three decades. Active listings were 39% below the five-year average and 66.5% below the 10-year average for the month of October.
Months of inventory numbered 1.5 at the end of October 2021, up from the 1.3 months recorded at the end of October 2020 and below the long-run average of 5.2 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.
