August 2022 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Running Well Below Average in August
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 207 units in August 2022. This was a big decline of 35.7% from August 2021.
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Home sales were 34.9% below the five-year average and 36.2% below the 10-year average for the month of August. On a year-to-date basis, home sales totaled 1,790 units over the first eight months of the year. This was a substantial decline of 27.6% from the same period in 2021.
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 $587,000 in August 2022, a gain of 7.5% compared to August 2021.
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The benchmark price for single-family homes was $589,900, up by 6.6% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $616,900, an increase of 28.2% compared to a year earlier, while the benchmark apartment price was $364,500, a sizable gain of 27% from year-ago levels. The average price of homes sold in August 2022 was $632,546, a modest decline of 1.9% from August 2021.
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The more comprehensive year-to-date average price was $715,241, up by 13.1% from the first eight months of 2021.
The dollar value of all home sales in August 2022 was $130.9 million, a substantial decline of 37% from the same month in 2021.
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The number of new listings saw a small gain of 3.3% (12 listings) from August 2021. There were 377 new residential listings in August 2022. New listings were 2.1% below the five-year average and 8% below the 10-year average for the month of August. Active residential listings numbered 1,041 units on the market at the end of August, a substantial gain of 85.9% from the end of August 2021. Active listings were 19.7% above the five-year average and 31% below the 10-year average for the month of August.
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Months of inventory numbered 5 at the end of August 2022, up from the 1.7 months recorded at the end of August 2021 and above the long-run average of 4.8 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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If you have questions about our local real estate market, how changes in the market could affect you, or if you’d like 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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