March 2024 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales
Stall In March Despite Surge In New Listings
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 197 units in March 2024. This was down sharply by 12.1% from March 2023. Home sales were 21.6% below the five-year average and 19.4% below the 10-year average for the month of March.
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On a year-to-date basis, home sales totaled 465 units over the first three months of the year. This was a decrease of 6.1% from the same period in 2023.
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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 $554,000 in March 2024. This represents a modest gain of 2% compared to March 2023.
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March 2024 Real Estate Market Update
The benchmark price for single-family homes was $561,100, up modestly by 2% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $503,600. This is an increase of 9.6% compared to a year earlier. The benchmark apartment price was $333,500, a moderate decrease of 5.3% from year-ago levels. The average price of homes sold in March 2024 was $630,325, a small gain of 1.8% from March 2023.
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The dollar value of all home sales in March 2024 was $124.2 million, a sharp decrease of 10.5% from the same month in 2023.
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The number of new listings was up by 29.9% from March 2023. There were 539 new residential listings in March 2024. This was the largest number of new listings added in the month of March in more than five years. New listings were 26.9% above the five-year average and 21.8% above the 10-year average for the month of March.
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Active residential listings numbered 1,147 units on the market at the end of March, a substantial increase of 32.8% from the end of March 2023. March Active listings haven’t been this high in more than five years. The number of active listings was 64.1% above the five-year average and 22.4% above the 10-year average for the month of March.
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Months of inventory numbered 5.8 at the end of March 2024. This is an increase from the 3.9 months recorded at the end of March 2023. It is also 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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