GBOS January Home Sales Break Records
January Home Sales Break Records Despite Listings Still Sitting at Record Lows
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 166 units in January 2022. This was a sizable gain of 10.7% from January 2021. Home sales figures break the January record but supply is still low. Home sales were 14.2% above the five-year average and 24.2% above the 10-year average for the month of January.
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 $555,300 in January 2022, an advance of 31.1% compared to January 2021. The benchmark price for single-family homes was $557,000, up sharply by 30.7% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $464,100, a substantial increase of 40% compared to a year earlier, while the benchmark apartment price was $380,600, a jump of 35.2% from year-ago levels.
The average price of homes sold in January 2022 was $756,039, an advance of 39.7% from January 2021.
The dollar value of all home sales in January 2022 was $125.5 million, a substantial increase of 54.6% from the same month in 2021. This was also a new record for the month of January.
The number of new listings saw a sizable gain of 20.7% from January 2021. There were 210 new residential listings in January 2022. New listings were 10.2% above the five-year average and 14.1% below the 10-year average for the month of January.
Active residential listings numbered 257 units on the market at the end of January, decreasing by 9.8% from the end of January 2021. Active listings haven’t been this low in the month of January in more than three decades. Active listings were 45.4% below the five-year average and 73.2% below the 10-year average for the month of January.
Months of inventory numbered 1.5 at the end of January 2022, down from the 1.9 months recorded at the end of January 2021 and below the long-run average of 7.8 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.
