The RAGBOS® May 2022 Market Update shows that while listings were up in the month of May, statistics still show a Seller’s Market with a drop in sales and an increase in benchmark prices. The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 270 units in May 2022. This was a large decline of 26.4% from May 2021. 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 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 $645,200 in May 2022, an increase of 23.7% compared to May 2021. The benchmark price for single-family homes was $654,100, a notable gain of 23.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $544,500, increasing by 27.4% compared to a year earlier, while the benchmark apartment price was $362,600, jumping 60.4% from year-ago levels.
The average price of homes sold in May 2022 was $716,626, a gain of 8.4% from May 2021. The more comprehensive year-to-date average price was $744,803, up by 18.4% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $193.5 million, down 20.3% from the same month in 2021. 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.
New listings were 14.6% above the five-year average and 7.1% below the 10-year average for the month of May. 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.
If you have questions about our local market, about how to get your property market-ready or if you’d like to book a no-cost, no-obligation property evaluation, feel free to get in touch with us. We would be happy to help!
