February Market Update - Mark Murakami | Grey County Homes | Flesherton Real Estate

February Market Update

Grey Bruce Owen Sound Home Sales Just Miss Record February

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 188 units in February 2020.  This was a large 38.2% increase from February 2019, and marked the second-best February sales figure on record, just three transactions shy of the 2006 record.

On a year-to-date basis, home sales totaled a record 329 units over the first two months of the year, jumping 31.6% from the same period in 2019.  This was a new record for the first two months of the year.

The average price of homes sold in February 2020 was $399,690, up 10.1% from February 2019.  The more comprehensive year-to-date average price was $408,382, rising 15.4% from the first two months of 2019.

New residential listings in the region numbered 249 units in February 2020.  This was an increase of 19.7% on a year-over-year basis.  Even so, overall supply remains near record lows.  Active residential listings numbered only 628 units at the end of February, up just 1.1% (seven listings) from the end of February 2019 and still well below normal.

Months of inventory numbered just 3.3 at the end of February 2020, down from the 4.6 months recorded at the end of February 2019 and a record low 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 February 2020 was $75.1 million, surging 52.2% from the same month in 2019. This was a new record for the month of February.

Sales of all property types numbered 233 units in February 2020, up 33.9% from February 2019.  The total value of all properties sold was $91 million, a large 44.6% increase from February 2019.

 

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 400+ 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.
“REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association”. Trademark used under license from The Canadian Real Estate Association.
Information provided by the REALTORS® Association of Grey Bruce Owen Sound, Copyright 2020. E&OE

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