REALTORS® Association of Grey Bruce Owen Sound MLS®
Home Sales Continue To Rise on a Monthly Basis in April
Despite Lack of Supply
April 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 237 units in April 2023. This was down sharply by 16.8% from April 2022. Home sales were 8.7% below the five-year average and 18.1% below the 10-year average for the month of April.
Home Price Index
On a year-to-date basis, home sales totaled 721 units over the first four months of the year. This was a substantial decrease of 23.2% 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 $541,600 in April 2023. This was a big reduction of 16% compared to April 2022. The benchmark price for single-family homes was $548,900, a substantial decline of 16.1% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $454,400. This is a sharp decrease of 15.7% compared to a year earlier. The benchmark apartment price was $351,300, down modestly by 2.9% from year-ago levels.
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The average price of homes sold in April 2023 was $664,616, a large decline of 10.4% from April 2022. The more comprehensive year-to-date average price was $628,909, a substantial decline of 16.6% from the first four months of 2022. The dollar value of all home sales in April 2023 was $157.5 million. This is a sharp decrease of 25.5% from the same month in 2022.
The number of new listings was down modestly by 2.7% (12 listings) from April 2022. There were 435 new residential listings in April 2023.
New listings were 8.8% above the five-year average and 12.7% below the 10-year average for the month of April. Active residential listings numbered 930 units on the market at the end of April, a substantial increase of 99.1% from the end of April 2022. Active listings haven’t been this high in the month of April in more than five years. Active listings were 36.1% above the five-year average and 16.8% below the 10-year average for the month of April.
Realtors Association of Grey Bruce Owen Sound
Months of inventory numbered 3.9 at the end of April 2023, up from the 1.6 months recorded at the end of April 2022 and below the long-run average of 4.2 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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April 2023 Real Estate Market Update
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Do you have questions about our local real estate market? Want 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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