REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Mark Subdued Start To 2023 But Show Signs Of Improvement On A Monthly Basis
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 117 units in January 2023. This was a substantial reduction of 33.9% from January 2022. Home sales were 18.5% below the five-year average and 13.8% below the 10-year average for the month of January.
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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 $530,700 in January 2023, a decrease of 8.3% compared to January 2022. The benchmark price for single-family homes was $537,100, a moderate decrease of 8.4% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $457,300, falling by 9.3% compared to a year earlier, while the benchmark apartment price was $350,800, down only 0.1% from year-ago levels.
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The average price of homes sold in January 2023 was $560,716, down sharply by 25.7% from January 2022. The dollar value of all home sales in January 2023 was $65.6 million, a big decline of 50.9% from the same month in 2022.
Listings
The number of new listings was up by 19.5% from January 2022. There were 251 new residential listings in January 2023. This was the largest number of new listings added in the month of January in more than five years. New listings were 19.1% above the five-year average and 8.5% above the 10-year average for the month of January. Active residential listings numbered 751 units on the market at the end of January, more than double the levels from a year earlier, surging 184.5% from the end of January 2022. Listings haven’t been this high in the month of January in more than five years. Active listings were 44.8% above the five-year average and 12.7% below the 10-year average for the month of January.
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Months of inventory numbered 6.4 at the end of January 2023, up from the 1.5 months recorded at the end of January 2022 and below the long-run average of 6.8 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.
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