The real estate market in Grey Bruce continued to sizzle in October.
The Realtors Association of Grey Bruce Owen Sound says 385 homes sold last month, a 31 per cent jump over October 2019. It also marks a new sales record for the month of October.
The average price of homes sold in October surpassed $523,000, more than 31.6 per cent higher than the same month in 2019.
The more comprehensive year-to-date average price is just over $470,000, a jump of 20.8 per cent over the first 10 months of 2019.
RAGBOS notes the MLS Home Price Index is a more advanced and accurate tool to gauge a neighbourhood’s home price levels and trends. It is based on the value home buyers assign to various housing attributes, which tend to evolve over time.
Using the MLS Home Price Index, the composite benchmark for Grey Bruce was $385,500 in October 2020, an increase of more than 20 per cent compared to the same month in 2019.
The benchmark price for single family homes and apartments surged highest year-over-year in Grey Bruce, while townhouse/row houses is up only slightly.
RAGBOS explains supply remains near record lows with only 479 active listings through the end of October, a 50 per cent decline year-over-year.
One metric indicates the market continues to move a quick pace as well. RAGBOS says months of inventory numbered 1.2 at the end of last month, down from the 3.3 months recorded at the end of October 2019. This number indicates how long it would take to sell current inventories at the current rate of sales activity.
The dollar value of all homes sold in the area last month was $201.6-million, a 72.4 per cent increase over October 2019.
The total value of all properties sold was $246.1 million, surging 86.2 per cent over the same month last year.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.