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November 2018 Market Update

Posted by Laura Murakami on December 11, 2018
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Grey Bruce Owen Sound Home Sales In Line With 10-Year Average In November

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 190 units in November 2018.  This was a decrease of 16.3% from the near-record month of November in 2017 but was still a touch above the 10-year average for the month.  On a year-to-date basis, home sales totaled 2,693 units over the first 11 months of the year.  This was a decrease of 16.4% from the same period in 2017.

The average price of homes sold in November 2018 was $343,468, rising 10.8% from November 2017.  The more comprehensive year-to-date average price was $358,871, rising 15.4% from the first 11 months of 2017.

New residential listings in the region numbered 213 units in November 2018.  This was an increase of 17% on a year-over-year basis but was still below the same month in most other years in history.  Overall supply remains at record lows.  Active residential listings numbered just 667 units at the end of November, down 9.6% from the end of November 2017.  The long-run average for this time of the year is closer to 1,600 listings.

Months of inventory numbered 3.5 at the end of November 2018, up slightly from the 3.3 months recorded at the end of November 2017 but far below the long-run average of 11.4 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 November 2018 was $65.3 million, down 7.3% from the same month in 2017.  Sales of all property types numbered 244 units in November 2018, a decrease of 13.8% from November 2017.  The total value of all properties sold was $78.6 million, down 6.5% from November 2017.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 390 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.
** Please be advised that the data collection methodology for statistics in our releases has changed (as of December 2017) and historical revisions to the data have been applied.  Data collection for reports prior to December 2017 was based solely on sales and listings from Members of REALTORS® Association Grey Bruce Owen Sound.  Data collection is now currently based on sales and listings in the Grey Bruce Owen Sound region, and incorporates any historical revisions.  This provides a more accurate representation of market trends in the region.  Stats are reliable but not guaranteed.
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