October 2023 Real Estate Market Update
October 2023 Real Estate Market Update
REALTORS® Association of Grey Bruce Owen Sound MLS® Home Sales Remain Subdued in October
October 2023 Real Estate Market Update
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 175 units in October 2023. This was a gain of 6.7% (11 sales) from October 2022.
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Home sales were 33.6% below the five-year average and 36.1% below the 10-year average for the month of October. On a year-to-date basis, home sales totaled 2,128 units over the first 10 months of the year. This was nearly unchanged, down only 0.1% (two sales) from the same period in 2022.
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The overall MLS® HPI composite benchmark price was $569,400 in October 2023
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This was a minor decrease of 1.5% compared to October 2022. 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 $577,100, a small reduction of 1% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $506,400, a substantial decline of 11.3% compared to a year earlier, while the benchmark apartment price was $336,200, a decline of 5.9% from year-ago levels.
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The average price of homes sold in October 2023 was $660,338, an increase of 10.1% from October 2022. The more comprehensive year-to-date average price was $637,578, a moderate decrease of 9.1% from the first 10 months of 2022. The dollar value of all home sales in October 2023 was $115.6 million, increasing by 17.4% from the same month in 2022.
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October 2023 Real Estate Market Update
The number of new listings saw a modest gain of 2.4% (nine listings) from October 2022. There were 383 new residential listings in October 2023. This was the largest number of new listings added in the month of October in more than a decade. New listings were 10.5% above the five-year average and 12.9% above the 10-year average for the month of October.
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Active listings haven’t been this high in the month of October in more than five years.
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Active residential listings numbered 1,168 units on the market at the end of October, up by 14.5% from the end of October 2022. Active listings haven’t been this high in the month of October in more than five years. This was 42.1% above the five-year average and 3.6% above the 10-year average for the month of October.
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Months of inventory numbered 6.7 at the end of October 2023, up from the 6.2 months recorded at the end of October 2022 and above the long-run average of 4.5 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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Do you have questions about our local real estate market? Want to get an idea of what your property is worth? Contact us today! We would be happy to provide a no-obligation property evaluation and help you with all of your real estate needs.
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