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Friday, April 17, 2020

Grey Bruce Home Sales Strong In March

Grey Bruce | by Matt Hermiz  

Market activity increases, average prices jump 26% compared to March 2019.

Home sales in Grey Bruce remained strong in March, even as COVID-19 began to gradually alter day-to-day life.

The Realtors Association of Grey Bruce Owen Sound says 211 residential units were sold last month, a 24.1 per cent increase over March 2019.

The average price of homes sold also surged to a record $445,569 -- 26.3 per cent higher than the same month last year.

The realtors association says the comprehensive year-to-date average price for the first three months of 2020 is $422,913, rising 19.6 per cent year-over-year.

Overall supply remains near record lows in Grey Bruce. However, new residential listings were up 12.5 per cent in March on a year-over-year basis.

In all, the realtors association says there was $94-million in home sales in the region last month -- an increase of 56.8 per cent over March 2019. It also marked a new record for the month of March.

The homes sales numbers for April, once reported next month, may provide more insight into the impact changes to the industry brought on by COVID-19 are having.

Real estate services have remained an essential service in Ontario, but it wasn't until April 4 that open houses were prohibited by the provincial government.

Realtors were also given guidelines by the Real Estate Council of Ontario to limit showings only to when they are necessary, and to use technological solutions to minimize in-person interactions -- such as virtual tours, and use of electronic documents instead of paper signatures.

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