The real estate market in Grey Bruce continues to soar, as the local realtors’ association reports April was another record-breaking month for sales.
The Realtors Association of Grey Bruce Owen Sound says 392 homes sold in the area, setting a new record for the month of April.
The dollar value of all homes sold last month was $245.7-million, a massive leap of 383.5 per cent over April 2020. The realtors’ association says this also set a new record for the largest dollar value of homes sold in any month in history for the area.
The average price of homes sold in April was just over $626,000, a jump of more than 56 per cent over the same month last year. The realtors association says the comprehensive year-to-date average price in the region surpassed $619,000 for the first four months of 2021 — more than 48 per cent higher than the same period in 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 $455,700 in April 2021, an increase of more than 37 per cent over the same month last year.
The benchmark price for single family homes (39.2%) surged highest year-over-year in Grey Bruce, while apartments (19.4%) and townhouse/row houses (10.6%) also posted sizeable gains.
RAGBOS explains active listings at the end of April are at the lowest levels in more than three decades, with only 406 residential units available for sale.
One metric indicates the pace of the market continues to hasten as well. RAGBOS says months of inventory numbered one at the end of last month, well below the long-run average of 5.4 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.