October 2019 Market Update

From The Blog

11 November 2019

Grey Bruce Owen Sound Home Sales Remain Strong For Third Straight Month In October

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 288 units in October 2019.  This was up 3.2% (nine sales) from October 2018 and marked the third-best October sales figure ever after 2016 and 2017.  On a year-to-date basis, home sales totalled 2,457 units over the first 10 months of the year, down 1.8% from the same period in 2018.

The average price of homes sold in October 2019 was $395,994, up 4.9% from October 2018.  The more comprehensive year-to-date average price was $390,238, rising 8.4% from the first 10 months of 2018.

New residential listings in the region numbered 323 units in October 2019, up 8.4% on a year-over-year basisThat said, overall supply remains near record lows.  Active residential listings numbered just 890 units at the end of October, an increase of 10.3% from the end of October 2018 but below the same time in every other year on record.

Months of inventory numbered 3.1 at the end of October 2019, up slightly from the 2.9 months recorded at the end of October 2018 but well below the long-run average of 9.4 months for this time of yearThe 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 2019 was $114 million, up 8.3% from the same month in 2018.  This was a new record for the month of October.
Sales of all property types numbered 341 units in October 2019, edging down 1.7% (six sales) from October 2018.  The total value of all properties sold was $128.9 million, up 5.3% from October 2018.

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 2019. E&OE.

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