October 2017 Market Update

From The Blog

13 November 2017


Grey Bruce Owen Sound Home Sales Rebound To Post Best October On Record

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 October 2017.  Home sales numbered 280 units in October, up 1.1% from October 2016.  It was the best October sales figure ever in the region, marking a significant rebound from a quieter month of September.

On a year-to-date basis, home sales totalled 2,686 units over the first 10 months of the year. This trails the same period from last year by just six sales and stands well above all other years on record The average price of homes sold in October 2017 was $297,724, up 13.5% year-over-year.  The year-to-date average price to October 2017 was $291,068, rising a similar 12.3% from the first 10 months of 2016.

New residential listings on the Association’s MLS® System numbered 337 units in October 2017.  This was up 27.2% compared to October 2016.  Even so, overall supply is still at record lows. Active residential listings totalled 751 units at the end of October, down 33.5% from the same time last year.  This was the lowest October level on record.
The number of months of inventory stood at 2.7 at the end of October, down from 4.1 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 October was $83.4 million, up 14.7% on a year-over-year basis.  Sales of all types of properties numbered 350 units in October 2017, down 1.1% from the
previous October.  The total value of all properties sold in October 2017 was $103.5 million, rising 5.4% 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.


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