Grey Bruce Owen Sound Set New Sales & Average Price Record In October
Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 385 units in October 2020. This was a large increase of 31% from October 2019, and was also a new sales record for the month of October.
On a year-to-date basis, home sales totaled 2,919 units over the first 10 months of the year. This was an increase of 11.7% from the same period in 2019. 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 for the REALTORS® Association of Grey Bruce Owen Sound was $385,500, rising 20.1% in October 2020 compared to October 2019. The benchmark price for single-family homes was $386,900, rising 20.6% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $322,800, edging up 2.4% compared to a year earlier.
While the benchmark apartment price was $281,200, a large increase of 34.6% from year-ago levels.
The average price of homes sold in October 2020 was a record $523,638, a notable gain of 31.6% from October 2019. The more comprehensive year-to-date average price was $470,140, rising 20.8% from the first 10 months of 2019.
New residential listings in the region numbered 341 units in October 2020. This edged down 2.6% (nine listings) on a year-over-year basis. Overall supply remains at record lows. Active residential listings numbered 479 units at the end of October. This was a large decline of 50.4% from the end of October 2019.
Months of inventory numbered 1.2 at the end of October 2020, down from the 3.3 months recorded at the end of October 2019 and below the long-run average of 6.1 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.
The dollar value of all home sales in October 2020 was $201.6 million, a substantial increase of 72.4% from the same month in 2019. This was a new record for the month of October. Sales of all property types numbered 497 units in October 2020; advancing 39.6% from October 2019. The total value of all properties sold was $246.1 million, surging 86.2% from October 2019.