Market Update August 2020

From The Blog

25 September 2020

Grey Bruce Owen Sound Home Sales Remain Strong in August


Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 398 units in August 2020.  This was an increase of 10.9% from August 2019.  On a year-to-date basis home sale totaled 2,146 units over the first 8 months of the year.  This was up 5.9% from the same period in 2019.

The average price of homes sold in August 2020 was $474,718, rising 17.9% from August 2019.  This was a slight pull-back from last month.  The more comprehensive year-to-date average price was $455,382, rising 18.2% from the first 8 months of 2019.

New residential listings numbered 411 units in August 2020.  This was unchanged on a year-over-year basis.  Overall supply remains near record lows.  Active residential listings numbered 648 units at the end of August.  This was a decline of 43.1% from the end of August 2019.

Months of inventory numbered 1.6 at the end of August 2020, down 3.2 months recorded at the end of August 2019 and below the long-run average of 6.1 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 August 2020 was $188.9 million, a significant gain of 30.7% from the same month last year.  This was a new record for the month of August.

Sales of all property types numbered 495 units in August 2020, up 9% from August 2019.  The total value of all properties sold was $223.6 million, rising 20.3% from August 2019.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 400 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.  “REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association”. Trademark used under license from The Canadian Real Estate Association.  Information provided by the REALTORS® Association of Grey Bruce Owen Sound, Copyright 2020. E&OE.

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