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Friday, February 14, 2020

Grey Bruce Real Estate Market Surges In January

Grey Bruce | by Matt Hermiz  

Home prices jump 22.4 per cent compared to January 2019; total home sales fall just shy of record for month.

The residential real estate market in Grey Bruce is off to a hot start in 2020.

The Realtors Association Grey Bruce Owen Sound (RAGBOS) says 141 homes were sold in the region last month, just one sale short of the record for January set in 2007.

The average price of homes sold was just over $419,000, a jump of 22.4 per cent on a year-over-year basis.

The value of all home sales last month was $59.2-million, a new record for January. This marked a 51.4 per cent increase in the total value of sales from January 2019.

Overall, RAGBOS says supply remains near record lows. However, there were 202 new residential listings last month which was an increase of 14.8 per cent over January 2019.

The pace of the market moved much faster as well last month. Realtors say months of inventory were 4.4 at the end of January, less than half of the average of 10.9 months for this time of year. That was also down from 5.2 months of inventory recorded in January 2019. The metric indicates the number of months it would take to sell current inventories at the current rate of sales activity.

The total value of sales of all types of properties sold in the region last month was $73.2-million. Realtors say this is up 27.4 per cent year-over-year.

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