September 2018 Market Update - Mark Murakami | Grey County Homes | Flesherton Real Estate

September 2018 Market Update

Grey Bruce Owen Sound Home Sales Down Year-Over-Year In September, Supply Still At Record Low

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 220 units in September 2018.  This was a decrease of 18.5% from September 2017.  On a year-to-date basis, home sales totalled 2,230 units over the first nine months of the year.  This was a decrease of 17% from the record for the same period in 2017.

The average price of homes sold in September 2018 was $361,652, rising 19.8% from September 2017.  The more comprehensive year-to-date average price was $358,439, rising 15.7% from the first nine months of 2017.

New residential listings in the region numbered 337 units in September 2018.  This was down 4.5% on a year-over-year basis and was the lowest number of new listings to hit the market in the month of September since 2001.  Overall supply stands at record lows.  Active residential listings numbered 909 units at the end of September.  This was a decrease of 14.3% from the end of September 2017.

Months of inventory numbered 4.1 at the end of September 2018, up slightly from the 3.9 months recorded at the end of September 2017 but well below the long-run average of 9.7 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.

The dollar value of all home sales in September 2018 was $79.6 million, edging down 2.4% from the same month in 2017.  Sales of all property types numbered 299 units in September 2018, a decrease of 12.1% from September 2017.  The total value of all properties sold was $100.1 million, up 5.2% from September 2017.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 390 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.

* Please be advised that the data collection methodology for statistics in our releases has changed (as of December 2017) and historical revisions to the data have been applied.  Data collection for reports prior to December 2017 was based solely on sales and listings from Members of REALTORS® Association Grey Bruce Owen Sound.  Data collection is now currently based on sales and listings in the Grey Bruce Owen Sound region, and incorporates any historical revisions.  This provides a more accurate representation of market trends in the region.  Stats are reliable but not guaranteed.

Email Mark