Real Estate Trends Continued in November
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 258 units last month and tied with figures from November 2020. This set a new sales record for the month as real estate trends continued in November.
Home sales were 8.7% above the five-year average and 19.2% above the 10-year average for the month of November. On a year-to-date basis, home sales totaled a record 3,348 units over the first 11 months of the year. This was up by 5.5% from the same period in 2020.
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 benchmark price was $533,000 in November 2020, an advance of 33.4% compared to November 2020. The benchmark price for single-family homes was $532,800, up sharply by 32.8% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $472,100, a substantial increase of 45.6% compared to a year earlier, while the benchmark apartment price was $385,200, a jump of 38.2% from year-ago levels.
The average price of homes sold in November 2021 was $656,605, an increase of 18.9% from November 2020. The more comprehensive year-to-date average price was $642,220, a jump of 34.8% from the first 11 months of 2020.Realtor’s Association of Grey Bruce Owen Sound
The dollar value of all home sales in November 2021 was $169.4 million, increasing by 18.9% from the same month in 2020. This was also a new record for the month of November.
The number of new listings saw a decline of 9.7% from November 2020. There were 234 new residential listings in November 2021. New listings were 0.2% above the five-year average and 7.1% below the 10-year average for the month of November. Active residential listings numbered 348 units on the market at the end of November, down sharply by 18.9% from the end of November 2020. Active listings haven’t been this low in the month of November in more than three decades. Active listings were 44.1% below the five-year average and 70% below the 10-year average for the month of November.
Months of inventory numbered 1.3 at the end of November 2021, down from the 1.7 months recorded at the end of November 2020 and below the long-run average of 5.8 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 REALTORS® Association of Grey Bruce Owen Sound represents approximately 430+ 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.