Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound posted another double-digit year-over-year gain in October 2016.
Home sales numbered 277 units in October 2016. This was a new record for the month, beating the previous October record set in 2009 by 24.8 per cent. It was an increase of 28.2 per cent from last October.
On a year-to-date basis home sales totaled 2,692 units, running 18.9 per cent ahead of the first ten months of 2015. With just two months to go this year, 2016 has already officially set a new annual sales record.
The average price of homes sold in October 2016 was $262,281, up 7.3 per cent on a year over-year basis. On a year-to-date basis the average price of all home sales over the first ten months of 2016 was $259,187, rising 6.4 per cent.
New residential listings on the Association’s MLS® System numbered 265 units in October 2016. This was a decrease of 16.1 per cent compared to October 2015. New supply has struggled to keep up with strong demand, which has led to historically tight market conditions.
Active residential listings totaled 1,129 units at the end of October, down 39.5 per cent from the same time last year. This was the lowest level for this time of year in over a decade.
The number of months of inventory stood at 4.1 at the end of October, less than half the 8.6 months recorded at the end of October 2015 and well below the long-run average for this time of the 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 $72.7 million, up 37.6 per cent on a year over-year basis.
Sales of all types of properties numbered 354 units in October 2016, up 28.7 per cent from the previous October. The total value of all properties sold in October 2016 was $98.1 million, an increase of 46.2 per cent 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.