The real estate market in Grey Bruce continued its surge in February as average home prices surpassed $600,000 for the first time.
The Realtors Association of Grey Bruce Owen Sound says 223 homes sold in the area last month, setting a new record for the month of February. It also marked a 12.1 per cent increase over February 2020.
The average price of homes sold in February was just over $613,000, a jump of more than 54 per cent over the same month last year. The realtors association says the comprehensive year-to-date average price in the region surpassed $586,000 for the first two months of 2021 — more than 45 per cent higher than the first two months of 2020.
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 $414,000 in February 2021, an increase of more than 30 per cent over the same month last year.
The benchmark price for single family homes (31.4%) and apartments (26.4%) surged highest year-over-year in Grey Bruce, while townhouse/row houses (3.1%) are up only slightly.
The dollar value of all homes sold in the area last month was $136.8-million, a big jump of 72.9 per cent over February 2020. The realtors’ association says this also set a new record for the month of February by a large margin.
RAGBOS explains active listings at the end of February are at the lowest levels in more than three decades, with only 301 residential units available for sale.
One metric indicates the market continues to move at a quick pace as well. RAGBOS says months of inventory numbered 1.3 at the end of last month, below the long-run average of 7.2 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.