High Sales Continue Despite Record Low Supply
According to the local March 2022 Real Estate Market Update, the number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 271 units in March 2022. This was a substantial decrease of 18.6% from March 2021. Home sales were 10.1% above the five-year average and 16% above the 10-year average for the month of March. On a year-to-date basis, home sales totaled 655 units over the first three months of the year. This was a moderate decrease of 6% 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 $603,500 in March 2022, increasing by 28.5% compared to March 2021.
The benchmark price for single-family homes was $607,000, a gain of 27.9% on a year-over-year basis in March.
By comparison, the benchmark price for townhouse/row units was $488,800, up sharply by 40.4% compared to a year earlier, while the benchmark apartment price was $386,400, a substantial increase of 45.9% from year-ago levels. The average price of homes sold in March 2022 was $759,427, increasing by 17.4% from March 2021.
The more comprehensive year-to-date average price was $760,693, a gain of 23.6% from the first three months of 2021.
Realtors Association of Grey Bruce Owen Sound
The dollar value of all home sales in March 2022 was $205.8 million, down by 4.4% from the same month in 2021.
The number of new listings saw a substantial decrease of 14.4% from March 2021. There were 362 new residential listings in March 2022. New listings were 3.4% below the five-year average and 17.9% below the 10-year average for the month of March.
Active residential listings numbered 338 units on the market at the end of March, a moderate decrease of 9.6% from the end of March 2021. Active listings haven’t been this low in the month of March in more than three decades. Active listings were 41.6% below the five-year average and 69.5% below the 10-year average for the month of March.
Months of inventory numbered 1.2 at the end of March 2022, up from the 1.1 months recorded at the end of March 2021 and below the long-run average of 5.4 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.
If you have questions about our local market, about how to get your property market-ready or if you’d like to book a no-cost, no-obligation property evaluation, feel free to get in touch with us. We would be happy to help!
