October 2022 Real Estate Market Update
Grey Bruce Owen Sound Home Sales Remain Well Below Typical Levels in October; Prices Continue Gradual Moderation
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The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 166 units in October 2022. This was down sharply by 44.7% from October 2021. Home sales were 41.3% below the five-year average and 40.2% below the 10-year average for the month of October.
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On a year-to-date basis, home sales totaled 2,138 units over the first 10 months of the year. This was a large decline of 30.9% from the same period in 2021.
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The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The benchmark price for single-family homes was $573,000, a small gain of 3.5% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $570,400, increasing by 16.1% compared to a year earlier, while the benchmark apartment price was $361,700, a gain of 12% from year-ago levels.
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The overall MLS® HPI composite benchmark price was $569,100 in October 2022, an increase of 4% compared to October 2021.
The average price of homes sold in October 2022 was $606,234, a moderate decrease of 6.7% from October 2021. The more comprehensive year-to-date average price was $701,601, increasing by 9.5% from the first 10 months of 2021.
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The dollar value of all home sales in October 2022 was $100.6 million, a sharp decrease of 48.4% from the same month in 2021.
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The number of new listings was up by 28.9% from October 2021. There were 375 new residential listings in October 2022. This was the largest number of new listings added in the month of October in a decade. New listings were 12.4% above the five-year average and 11% above the 10-year average for the month of October.
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Active residential listings numbered 994 units on the market at the end of October, more than double the levels from a year earlier, jumping 114.2% from the end of October 2021. Listings for sale haven’t been this high in the month of October in more than five years. Active listings were 32% above the five-year average and 19.3% below the 10-year average for the month of October.
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Months of inventory numbered 6 at the end of October 2022, up from the 1.5 months recorded at the end of October 2021 and above the long-run average of 4.9 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.
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If you have questions about our local real estate market, how changes in the market could affect you, 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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