June 2023 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound
MLS® Home Sales Rise In June As Recovery Continues
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 291 units in June 2023. This was a gain of 22.8% from June 2022. Home sales were 8.8% below the five-year average and 13% below the 10-year average for the month of June. On a year-to-date basis, home sales totaled 1,312 units over the first six months of the year. This was down by 9% from the same period in 2022.
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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 $567,600 in June 2023. This marks a sharp decrease of 11.3% compared to June 2022. The benchmark price for single-family homes was $574,700, down sharply by 11.2% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $498,700. That is a substantial decrease of 16.6% compared to a year earlier. The benchmark apartment price was $349,200, a moderate decrease of 4.7% from year-ago levels.
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The dollar value of all home sales in June 2023 was $198.4 million. This is an increase of 21.5% from the same month in 2022.
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The number of new listings saw a modest decline of 3.6% from June 2022. There were 586 new residential listings in June 2023. New listings were 8% above the five-year average and 5.4% above the 10-year average for the month of June.
Residential active listings numbered 1,179 units on the market at the end of June. This is an increase of 24.5% from the end of June 2022. Active listings haven’t been this high in the month of June in more than five years. Active listings were 26.5% above the five-year average and 15.8% below the 10-year average for the month of June.
Months of inventory numbered 4.1 at the end of June 2023. This is up from the 4 months recorded at the end of June 2022 and below the long-run average. The average for this time of year is 4.3 months. 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.
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Do you have questions about our local real estate market? Want to get an idea of what your property is worth? Contact us today! We would be happy to provide a no-obligation property evaluation and help you with all of your real estate needs.
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