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Tuesday, June 16, 2020

Real Estate Market Activity Remains Slow In May, Average Prices Rise

Grey Bruce | by Matt Hermiz  

Market activity increases compared to April, but still well below last year's levels.

Real estate market activity in Grey Bruce started to recover in May, but was still well below last year's sales levels.

The Realtors Association Grey Bruce Owen Sound says 191 residential units sold last month, a 36.3 per cent decline compared to May 2019. Home sales volume rose last month as some pandemic restrictions started to ease, following a dismal April when just 119 houses sold -- a year-over-year drop of 54 per cent from April 2019.

Prices have continued to tread higher despite the lower sales activity, as overall housing market supply remains near record lows.

The average price of a home sold in the area last month was more than $514,000, a jump of 34.5 per cent over May 2019.

RAGBOS says the more comprehensive year-to-date average price is up 18.5 per cent over the first five months of 2019, to just over $439,000.

New listings in the region fell 35.1 per cent compared to May 2019, with 320 homes hitting the market.

Supply remains near record lows, RAGBOS says, falling 18.8 per cent below active inventory levels recorded at the end of May 2019 with just 771 units available.

The realtors association says the total value of all home sales in Bruce-Grey-Owen Sound was $98.3-million in May 2020, a drop of 14.4 per cent over the same month in 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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