Grey County Real Estate Market Update – May 2021

From The Blog

16 June 2021

Grey County Home Sales Remain Strong But Show Signs of Easing

RealTORS ASSOCIAtion of grey bruce owen sound

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 368 units in May 2021. This was an advance of 65.8% from May 2020.

Home sales were 7.5% above the five-year average and 8% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 1,462 units over the first five months of the year. This was up sharply by 59.4% from the same period in 2020.

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 $501,600 in May 2021, an advance of 41% compared to May 2020.

The benchmark price for single-family homes was $505,600, up sharply by 41.8% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $400,200, an increase of 27.9% compared to a year earlier, while the benchmark apartment price was $265,100, a sizable gain of 12.9% from year-ago levels.

The average price of homes sold in May 2021 was a record $667,209, a substantial increase of 38.7% from May 2020.

The more comprehensive year-to-date average price was $632,216, a jump of 46.1% from the first five months of 2020.

The dollar value of all home sales in May 2021 was $245.5 million, more than double the levels from a year earlier, rocketing up 130% from the same month in 2020. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.

The number of new listings saw an advance of 48.9% from May 2020. There were 518 new residential listings in May 2021.

New listings were 1.7% below the five-year average and 20.2% below the 10-year average for the month of May.

Active residential listings numbered 509 units on the market at the end of May, down sharply by 37.9% from the end of May 2020. Active listings haven’t been this low in the month of May in more than three decades.

Active listings were 41.7% below the five-year average and 69.5% below the 10-year average for the month of May.

Months of inventory numbered 1.4 at the end of May 2021, down from the 3.7 months recorded at the end of May 2020 and below the long-run average of 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.

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.

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