Sale prices remain high & inventory levels low in Grey Bruce this February
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 216 units in February 2022. This edged up 0.9% (two sales) from February 2021. This was also a new sales record for the month of February.
Home sales were 17.9% above the five-year average and 26.3% above the 10-year average for the month of February.
Realtors Association of Grey Bruce Owen Sound
On a year-to-date basis, home sales totaled a record 385 units over the first two months of the year. This was a gain of 5.8% 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 $583,200 in February 2022, a substantial gain of 31.7% compared to February 2021. The benchmark price for single-family homes was $586,400, an advance of 31.3% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $464,300, up sharply by 37.2% compared to a year earlier, while the benchmark apartment price was $397,800, a substantial increase of 46.3% from year-ago levels.
The average price of homes sold in February 2022 was $766,948, up by 24% from February 2021. The more comprehensive year-to-date average price was $761,001, an increase of 29.7% from the first two months of 2021.
The dollar value of all home sales in February 2022 was $165.7 million, a sizable gain of 25.2% from the same month in 2021. This was also a new record for the month of February.
The number of new listings edged up 0.4% (one listing) from February 2021. There were 259 new residential listings in February 2022. This was the largest number of new listings added in the month of February in more than five years. New listings were 7.2% above the five-year average and 3.9% below the 10-year average for the month of February. Active residential listings numbered 284 units on the market at the end of February, a decline of 8.4% from the end of February 2021. Active listings haven’t been this low in the month of February in more than three decades.
Active listings were 42.5% below the five-year average and 71.3% below the 10-year average for the month of February.
Realtors Association of Grey Bruce Owen Sound
Months of inventory numbered 1.3 at the end of February 2022, down from the 1.4 months recorded at the end of February 2021 and below the long-run average of 6.4 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.
If you have questions about the Grey County real estate market, what your property might be worth or you’d like to arrange a no-cost home evaluation, please get in touch with us. We’re always happy to help!
