The real estate market in Grey Bruce continued to sizzle in December as the local realtors’ association reports another record-breaking month.
The Realtors Association of Grey Bruce Owen Sound says 203 homes sold last month, a 50.4 per cent jump over December 2019. It also marks a new sales record for the month of December.
The dollar value of all homes sold in the area last month was $112.8-million, more than double the levels from the same month a year prior. The realtors’ association says this also set a new record for the month of December.
The average price of homes sold in December surpassed $555,000, more than 39 per cent higher compared to the same month in 2019.
The more comprehensive year-to-date average price for 2020 is just over $481,000, a jump of 23.3 per cent over all 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 $384,800 in December 2020, an increase of more than 25 per cent over December 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 active listings at the end of December are at the lowest levels in more than three decades, with only 294 residential units available for sale.
The realtors’ association says December 2020 also had the highest number of new listings for the month in the past five years, as 144 homes hit the market.
One metric indicates the market continues to move a quick pace as well. RAGBOS says months of inventory numbered 1.4 at the end of last month, below the long-run average of 8.4 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.