May 2019 Market Update

 

 

Grey Bruce Owen Sound Homes Sales Have Middling Spring Amid Ongoing Supply Shortage

 

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 301 units in May 2019.  This was down 9.3% from May 2018 but stood not far off the 10-year average for that month.  On a year-to-date basis, home sales totalled 981 units over the first five months of the year, a decrease of 12.3% from the same period in 2018.

The average price of homes sold in May 2019 was $381,874, up 8.8% from May 2018.  The more comprehensive year-to-date average price was $370,661, up a similar 8.6% from the first five months of 2018.

New residential listings in the region numbered 493 units in May 2019, a decrease of 10.5% on a year-over-year basisOverall supply remains stuck at record lows.  Active residential listings numbered 926 units at the end of May, up a slight 1.6% (15 listings) from the end of May 2018 but less than half the long-term average of over 2,000 listings for this time of the year.  Months of inventory numbered just 3.1 at the end of May 2019, up a bit from the 2.7 months recorded at the end of May 2018 but well below the long-run average of 9.1 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 May 2019 was $114.9 million, edging down 1.3% from the same month in 2018.

Sales of all property types numbered 373 units in May 2019, down 5.1% from May 2018.

The total value of all properties sold was $140.8 million, up 8.4% from May 2018.

 

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 400 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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