Grey Bruce Owen Sound Home Sales Post Best November On Record; Supply At All Time Low
Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound edged up on a year-over-year basis in November 2017.
Home sales numbered 205 units in November, up 2.5% from November 2016. This was the best November sales figure ever for the region. On a year-to-date basis, home sales totalled 2,891 units over the first 11 months of the year. This trails the same period from last year by just one sale and stands well above all other years on record.
The average price of homes sold in November 2017 was $294,543, up 14.3% year-over-year. The year-to-date average price to November 2017 was $291,314, rising a similar 12.4% from the first 11 months of 2016.
New residential listings on the Association’s MLS® System numbered 170 units in November 2017. This was down 26.7% compared to November 2016. Overall supply stands at record lows. Active residential listings totalled 628 units at the end of November, down 35% from the same time last year. The number of months of inventory stood at 3.1 at the end of November, down from 4.8 months a year earlier and the lowest level on record 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 November was $60.4 million, up 17.2% on a year-over-year basis.
Sales of all types of properties numbered 257 units in November 2017, up 2.4% from the previous November. The total value of all properties sold in November 2017 was $73.9 million, rising 4.2% from a year earlier.
The REALTORS® Association of Grey Bruce Owen Sound represents approximately 375 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.