July 2024 Real Estate Market Update
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REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Continue to Build Momentum in July
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 262 units in July 2024. This was up by 9.2% from July 2023. Home sales were 7.4% below the five-year average and 13.8% below the 10-year average for the month of July. On a year-to-date basis, home sales totaled 1,484 units over the first seven months of the year. This was a decrease of 4.9% from the same period in 2023.
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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 $586,400 in July 2024, up modestly by 1.6% compared to July 2023.
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The benchmark price for single-family homes was $596,000, a minor increase of 1.7% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $471,700, a slight reduction of 0.2% compared to a year earlier, while the benchmark apartment price was $377,200, edging down 0.5% from year-ago levels.
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The average price of homes sold in July 2024 was $638,743, a moderate gain of 6.8% from July 2023. The more comprehensive year-to-date average price was $645,807, increasing by 1.8% from the first seven months of 2023.
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The dollar value of all home sales in July 2024 was $167.4 million, a gain of 16.6% from the same month in 2023.
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The number of new listings was up by 22.5% from July 2023. There were 506 new residential listings in July 2024. This was the largest number of new listings added in the month of July in more than five years. New listings were 14.4% above the five-year average and 11% above the 10-year average for the month of July. Active residential listings numbered 1,567 units on the market at the end of July, an increase of 29.7% from the end of July 2023. The number of active listings hasn’t been this high in the month of July in more than five years. Active listings were 48.7% above the five-year average and 18.5% above the 10-year average for the month of July.
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Months of inventory numbered 6 at the end of July 2024, up from the 5 months recorded at the end of July 2023 and above the long-run average of 4.7 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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