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Thursday, May 14, 2020

Housing Market Activity Slows In Grey Bruce

Grey Bruce | by Matt Hermiz  

Prices still tread higher as market cools in April.

Real estate market activity in Grey Bruce plunged in April as COVID-19 put the economy on hold, but prices still treaded higher.

The Realtors Association of Grey Bruce Owen Sound says 119 homes sold in the area last month, a decline of more than 53 per cent compared to April 2019.

April 2020 was one of the lowest level of sales on record for the month, according to information provided by RAGBOS.

Average prices still trickled higher to just over $400,000, despite the market cooldown. That is an increase of four per cent year-over-year.

The year-to-date average price of homes sold in the region is $418,980, a jump over 14.7 per cent over the first four months of 2019.

New home listings plunged in April with 205 units hitting the market, a drop of nearly 50 per cent compared to the same month in 2019.

RAGBOS says supply remains near record lows, with 692 active residential listings at the end of April 2020.

Another metric points to a slower moving housing market. RAGBOS reports months of inventory is up to 5.8 as of the end of April 2020, an increase over 3.2 months year-over-year. However, the realtors association says it is still below the long-run average of 6.6 months for this time of year.

In all, $47.6-million in home sales were recorded in Grey Bruce in April -- a 51.8 per cent decline year-over-year.
The total value of all properties sold was $56-million, down 58 per cent from April 2019.

The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.

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