The real estate market in Grey Bruce remained hot in November as the local realtors’ association reports another record-breaking month.
The Realtors Association of Grey Bruce Owen Sound says 265 homes sold last month, a 15.7 per cent jump over November 2019. It also marks a new sales record for the month of November.
The dollar value of all homes sold in the area last month was $145.1-million, a 58.3 per cent increase over November 2019. This also set a new record for the month of November.
The average price of homes sold in November surpassed $547,000, more than 36.8 per cent higher than the same month in 2019.
The more comprehensive year-to-date average price is just over $476,000, a jump of 22.2 per cent over the first 11 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 $376,700 in November 2020, an increase of more than 19 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 is at record lows with only 411 active listings through the end of November, a 51.5 per cent decline year-over-year. The realtors’ association says this is the lowest level of active listings on the market on record.
One metric indicates the market continues to move a quick pace as well. RAGBOS says months of inventory numbered 1.6 at the end of last month, below the long-run average of 6.7 months for this time of year. This number indicates how long it would take to sell current inventories at the current rate of sales activity.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.