November 2020 Market Update - Mark Murakami | Grey County Homes | Flesherton Real Estate

November 2020 Market Update

Grey Bruce Owen Sound Sets New Sales and Average Price Record in November

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 265 units in November 2020. This was an increase of 15.7% from November 2019. This was also a new sales record for the month of November. On a year-to-date basis, home sales totaled 3,183 units over the first 11 months of the year. This was an
increase of 12% 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 was $376,700, rising 19.6% in November 2020 compared to November 2019. The benchmark price for single-family homes was $377,800, rising 20.1% on a year-over-year basis in
November. By comparison, the benchmark price for townhouse/row units was $322,200, edging up 1.6% compared to a year earlier, while the benchmark apartment price was $278,800, a large increase of 32.1% from year-ago levels.

The average price of homes sold in November 2020 was a record $547,555, a considerable gain of 36.8% from November 2019. The more comprehensive year-to-date average price was $476,597, rising 22.2% from the first 11 months of 2019.

The dollar value of all home sales in November 2020 was $145.1 million, a substantial increase of 58.3% from the same month in 2019. This was also a new record for the month of November.
There were 261 new residential listings in November 2020. This edged down 1.1% (three listings) from the end of November 2019.

Active residential listings numbered 411 units at the end of November. This was a large decline of 51.5% from the end of November 2019 and was the lowest level of active listings on the market on record.

Months of inventory numbered 1.6 at the end of November 2020, down from the 3.7 months recorded at the end of November 2019 and below the long-run average of 6.7 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 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.
“REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association”. Trademark used under license from The Canadian Real Estate Association. Information provided by the REALTORS® Association of Grey Bruce Owen Sound, Copyright 2020. E&OE

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