REALTORS® Association Of Grey Bruce Owen Sound MLS® Home Sales Continue
On the Path Of A Strong Recovery
May 2023 Real Estate Market Update
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 301 units in May 2023. This was a gain of 14% from May 2022.
Home sales were 1.9% above the five-year average and 9% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 1,024 units over the first five months of the year. This was a decline of 15% 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 price measures. The overall MLS® HPI composite benchmark price was $555,300 in May 2023, a decline of 15.3% compared to May 2022.
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The average price of homes sold in May 2023 was $651,698, a decline of 7.8% from May 2022. The more comprehensive year-to-date average price was $634,692, down by 14.7% from the first five months of 2022.
May 2023 Real Estate Market Update
The dollar value of all home sales in May 2023 was $196.2 million, an increase of 5.1% from the same month in 2022.
The number of new listings saw a small reduction of 1.4% (eight listings) from May 2022. There were 576 new residential listings in May 2023.
New listings were 13% above the five-year average and 4.9% below the 10-year average for the month of May.
The number of active residential listings totalled 1,060 units on the market at the end of May, a substantial gain of 47% from the end of May 2022. Active listings haven’t been this high in the month of May in more than five years. Active listings were 29.2% above the five-year average and 18.6% below the 10-year average for the month of May.
Months of inventory numbered 3.5 at the end of May 2023, up from the 2.7 months recorded at the end of May 2022 and below the long-run average of 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.
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