Home sales in Grey Bruce remained strong in August, while prices steadied after a record-setting July.
The Realtors Association of Grey Bruce Owen Sound says 398 residential units sold last month, an increase of 10.9 per cent over August 2019.
The average price of homes sold last month was just over $474,000 — 17.9 per cent higher on a year-over-year basis — down slightly from $482,000 in July.
The year-to-date average price for homes sold in the area for the first eight months of 2020 is $455,000, rising 18.2 per cent over the same period in 2019.
RAGBOS notes supply remains near record lows with only 648 active residential listings at the end of August — 43.1 per cent lower than August 2019.
One metric indicates the housing market continues to move quickly. Months of inventory were just 1.6 at the end of August 2020. This is slightly below the 1.7 mark posted in July, which RAGBOS at the time reported as an all-time low.
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, RAGBOS explains.
The dollar value of all home sales in August 2020 was $188.9 million, a new record for the month of August and 30.7 per cent higher than the same period in 2019.
The total value of all properties sold was $223.6 million, rising 20.3 per cent from August 2019.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.