June 2024 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Remain Subdued In June
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 242 units in June 2024. This was a substantial decline of 18% from June 2023. Home sales were 22.6% below the five-year average and 27.2% below the 10-year average for the month of June.
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On a year-to-date basis, home sales totaled 1,221 units over the first six months of the year. This was a decline of 7.6% from the same period in 2023. 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 $577,300 in June 2024, essentially unchanged, up just 0.9% compared to June 2023.
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The benchmark price for single-family homes was $586,600, a small gain of 1% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $469,500, edging up 0.8% compared to a year earlier, while the benchmark apartment price was $367,700, a modest decline of 3.2% from year-ago levels.
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The average price of homes sold in June 2024 was $646,378, down by 4.2% from June 2023. The more comprehensive year-to-date average price was $647,394, a minor increase of 1% from the first six months of 2023. The dollar value of all home sales in June 2024 was $156.4 million, a big reduction of 21.4% from the same month in 2023.
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The number of new listings decreased by 6.4% from June 2023. There were 556 new residential listings in June 2024. New listings were 0.1% above the five-year average and 0.7% above the 10-year average for the month of June. The number of active residential listings numbered 1,595 units on the market at the end of June, an advance of 31% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years. Active listings were 52.6% above the five-year average and 21.9% above the 10-year average for the month of June.
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Months of inventory numbered 6.6 at the end of June 2024, up from the 4.1 months recorded at the end of June 2023 and above the long-run average of 4.1 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.
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The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 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.
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