REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Continue A Downward Trend In November 2022
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 127 units in November 2022. This was down sharply by 49% from November 2021. Home sales were 40.8% below the five-year average and 40% below the 10-year average for the month of November. On a year-to-date basis, home sales totaled 2,259 units over the first 11 months of the year. This was a decline of 32.6% from the same period in 2021.
Home Pricing
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 $564,100 in November 2022. This was a modest gain of 2.1% compared to November 2021. The benchmark price for single-family homes was $569,900, up modestly by 2.3% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $506,400, a minor decrease of 3% compared to a year earlier. The benchmark apartment price was $369,800, a gain of 8.9% from year-ago levels.
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Realtors Association of Grey Bruce Owen Sound
The average price of homes sold in November 2022 was $602,448, decreasing by 9.7% from November 2021. The more comprehensive year-to-date average price was $695,991, advancing 8.2% from the first 11 months of 2021.
The dollar value of all home sales in November 2022 was $76.5 million, down substantially from the same month in 2021.
The number of new listings was up by 20.9% from November 2021. There were 283 new residential listings in November 2022. This was the largest number of new listings added in the month of November in more than five years. New listings were 11.9% above the five-year average and 13% above the 10-year average for the month of November. Active residential listings numbered 944 units at the end of November, more than double the levels from a year earlier. This is a jump of 159.3% from the end of November 2021.
Current listings haven’t been this high in the month of November in more than five years. Active listings were 42.2% above the five-year average and 11.3% below the 10-year average for the month of November.
Realtors Association of Grey Bruce Owen Sound
inventory
Months of inventory numbered 7.4 at the end of November 2022. This is an increase from the 1.5 months recorded at the end of November 2021. It is also above the long-run average of 5.4 months for this time of year. The number of months of inventory is the length of time it would take to sell current inventories at the current rate of sales activity.
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If you have questions about our local real estate market or if you’d like to get an idea of what your property is worth, please contact us today! We would be happy to help you with all of your real estate needs.
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