July 2017 Market Update

From The Blog

14 August 2017


Grey Bruce Owen Sound Home Sales Set New July Record

Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound were up from year-ago levels in July 2017.  Home sales numbered 314 units in July — a new record for the month.  On a year-to-date basis, home sales totalled 1,878 units over the first seven months of the year. This was also a record for the period, up 8.6% from the same period in 2016.

The average price of homes sold in July 2017 was $298,380, up 13.3% year-over-year.  The year-to-date average price in July was $290,735, rising a similar 13.1% from the first 7 months of 2016.

New residential listings on the Association’s MLS® System numbered 415 units in July 2017.  This was an increase of 0.7% compared to July 2016.  Active residential listings totalled 905 units at the end of July, down 45% from the same time last year and the lowest July level on record.

The number of months of inventory stood at 2.9 at the end of July, down from 5.5 months a year earlier and well below the long-term average 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.

The dollar value of all home sales in July was $93.7 million, rising 19.8% on a year-over-year basis.  This was the highest July on record.  Sales of all types of properties numbered 385 units in July 2017, up 7.5% from the previous July.  The total value of all properties sold in July 2017 was $107.9 million, rising 15.3% from a year earlier.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 375 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.


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