REALTORS® Association of Grey Bruce Owen Sound Starts 2021 With Historically Low Level of Listings
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 149 units in January 2021. This edged up 1.4% (two sales) from January 2020. Residential sales haven’t hit this level in the month of January in five years.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $399,100, rising 28.2% in January 2021 compared to January 2020. The benchmark price for single-family homes was $400,900, rising 29.2% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $329,700, edging up 2.4% compared to a year earlier, while the benchmark apartment price was $281,500, a large increase of 34.1% from year-ago levels.
The average price of homes sold in January 2021 was $549,056, a large increase of 33.8% from January 2020. The dollar value of all home sales in January 2021 was $81.8 million, an increase of 35.6% from the same month in 2020. This was also a new record for the month of January.
There were 173 new residential listings in January 2021. This was down 21.4% from the end of January 2020.
Active residential listings numbered 284 units at the end of January. This was a decline of 57.6% from the end of January 2020. Active listings haven’t been this low in the month of January in more than three decades.
Months of inventory numbered 1.9 at the end of January 2021, down from the 4.6 months recorded at the end of January 2020 and below the long-run average of 8.8 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. Active residential listings outnumbered 294 units at the end of December. This was significant decline of 57.8% from the end of December 2019. Active listings haven’t been this low in the month of December in more than three decades.
