Home Sales in Grey Bruce Owen Sound Declined to the Lowest July Reading Since 1994 – But Sale Prices Rose Again
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 232 units in June 2022. This was a sharp decrease of 40.8% from June 2021. Home sales were 29.3% below the five-year average and 30.4% below the 10-year average for the month of June. On a year-to-date basis, home sales totaled 1,437 units over the first six months of the year. This was down sharply by 21.7% 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 $629,300 in June 2022, a gain of 18.8% compared to June 2021. The benchmark price for single-family homes was $635,300, up by 18.3% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $597,100, an increase of 26.1% compared to a year earlier, while the benchmark apartment price was $370,800, a jump of 56.5% from year-ago levels. The average price of homes sold in June 2022 was $686,562, an increase of 5.6% from June 2021. The dollar value of all home sales in June 2022 was $159.3 million, a substantial reduction of 37.5% from the same month in 2021.
New listings were 16.8% above the five-year average and 9.6% above the 10-year average for the month of June. Active residential listings numbered 939 units on the market at the end of June, up sharply by 61.9% from the end of June 2021. Active listings were 5.2% above the five-year average and 39.5% below the 10-year average for the month of June.
Months of inventory numbered 4 at the end of June 2022, up from the 1.5 months recorded at the end of June 2021 and below the long-run average of 4.9 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.