Feb 2017 Market Update

From The Blog

14 March 2017


Grey Bruce Owen Sound home sales just miss record February Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound edged down 1.2% on a year-over-year basis in February 2017. That said, it was still just three sales shy of the February record set back in 2006. Home sales numbered 161 units in February 2017.

On a year-to-date basis home sales totalled 265 units over the first two months of the year, down 6.4% from the 2016 record for the period.

The average price of homes sold in February 2017 was a record $268,076, up 2.2% year-over-year.

The year-to-date average price in February was $262,815, rising 4.5% from the first two months of 2016.

New residential listings on the Association’s MLS® System numbered 207 units in February 2017. This was a decrease of 22.5% compared to February 2016 and marked the lowest level for the month of February in more than three decades.

Active residential listings totalled 609 units at the end of February, down 42.5% from the same time last year. This was the lowest level of supply since the late 1980s.

The number of months of inventory stood at 3.8 at the end of February, down from 6.5 months a year earlier and the lowest level of any February on record. 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 February was $43.2 million, edging up 1% on a year over-year basis. This was a new record for the month.

Sales of all types of properties numbered 211 units in February 2017, up 1.4% from the previous February. The total value of all properties sold in February 2017 was $54.6 million, down 4% 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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