February 2023 Real Estate Market Update

REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Still Trending Below Average Levels But Show Promising Signs Of A Rebound 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 154 units in February 2023. This was a substantial decrease of 26.3% from February 2022.

Home sales were 16% below the five-year average and 10.6% below the 10-year average for the month of February. On a year-to-date basis, home sales totaled 267 units over the first two months of the year. This was a big decline of 30.8% from the same period in 2022.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median prices. The overall MLS® HPI composite benchmark price was $523,100 in February 2023. This is a big reduction of 14.7% compared to February 2022. The benchmark price for single-family homes was $529,400, a substantial decline of 14.8% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $453,700. That’s a sharp decrease of 12.8% compared to a year earlier. The benchmark apartment price was $345,300, down by 5.4% from year-ago levels.

The average price of homes sold in February 2023 was $640,482, a substantial decline of 16.8% from February 2022. The more comprehensive year-to-date average price was $608,877, a sharp decrease of 20.2% from the first two months of 2022.

Realtors Assn of Grey Bruce Owen Sound Feb 2023 Market Update

The dollar value of all home sales in February 2023 was $98.6 million. This is a sharp decline of 38.7% from the same month in 2022.

The number of new listings saw an increase of 12% from February 2022. There were 290 new residential listings in February 2023. This was the largest number of new listings added in the month of February in more than five years. New listings were 14% above the five-year average and 9.2% above the 10-year average for the month of February. Active residential listings numbered 774 units on the market at the end of February. This is more than double the levels from a year earlier, leaping 166.9% from the end of February 2022. Listings for sale haven’t been this high in the month of February in more than five years. Active listings were 43.8% above the five-year average and 12.8% below the 10-year average for the month of February.

Months of inventory numbered 5 at the end of February 2023, up from the 1.4 months recorded at the end of February 2022 and below the long-run average of 5.6 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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If you have questions about our local real estate market or if you’d like to get an idea of what your property is worth, please contact us today! We would be happy to help you with all of your real estate needs.

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The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.