September 2024 Real Estate Market Update
Grey Bruce Owen Sound MLS® Home Sales Surge In September
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 257 units in September 2024. This was a jump of 42.8% from September 2023.
Home sales were 5% below the five-year average and 11.5% below the 10-year average for the month of September. On a year-to-date basis, home sales totaled 1,987 units over the first nine months of the year. This increased by 1% from the same period in 2023.
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Sale Prices
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 $573,800 in September 2024, falling by 1.8% compared to September 2023. The benchmark price for single-family homes was $582,100, a modest decline of 2% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $489,100, nearly unchanged, up only 0.3% compared to a year earlier, while the benchmark apartment price was $377,700, a minor increase of 3.9% from year-ago levels.
The average price of homes sold in September 2024 was $642,593, a modest decline of 1.5% from September 2023. The more comprehensive year-to-date average price was $645,441, up modestly by 1.7% from the first nine months of 2023. The dollar value of all home sales in September 2024 was $165.1 million, a substantial increase of 40.6% from the same month in 2023.
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New and Active Listings
The number of new listings saw a moderate gain of 9.5% from September 2023. There were 543 new residential listings in September 2024. This was the largest number of new listings added in the month of September in more than three decades. New listings were 18.7% above the five-year average and 29% above the 10-year average for the month of September. There were 1,521 active residential units on the market at the end of September, increasing by 17.4% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years. Active listings were 49.7% above the five-year average and 26.3% above the 10-year average for the month of September.
Months of inventory numbered 5.9 at the end of September 2024, down from the 7.2 months recorded at the end of September 2023 and above 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.
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