August 2017 Market Update

From The Blog

12 September 2017



Grey Bruce Owen Sound home sales off peak but still above average in August

Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound were down in August 2017 from record levels
recorded one year earlier.  Home sales numbered 285 units in August, falling 20.4% from the highest August on
record in 2016.  That said, it was still the second best month of August over the last 10 years.

On a year-to-date basis, home sales totalled 2,163 units over the first eight months of the year.  This continues to lead all other years on record, standing 3.6% above the same
period in 2016.

The average price of homes sold in August 2017 was $292,532, up 9.6% year-over-year.  The year-to-date average price to August 2017 was $290,972, rising 12.5% from the first
eight months of 2016.

New residential listings on the Association’s MLS® System numbered 358 units in August 2017.  This was down 1.4% compared to August 2016 and the lowest level for the month in
nine years.  Active residential listings totalled 892 units at the end of August, down 40.2% from the same time last year.  This is the lowest August level on record, some 54.2% below the
long-term average.

The number of months of inventory stood at 3.1 at the end of August, down from 4.2 months a year earlier, and the lowest level on record 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 August was $83.4 million, falling 12.7% on a year-over-year basis.
Sales of all types of properties numbered 366 units in August 2017, down 18.5% from the previous August.  The total value of all properties sold in August 2017 was $103.1 million, falling 14.6% 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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