Grey Bruce’s hot real estate market continued to set new sales records in June.
The Realtors Association of Grey Bruce Owen Sound says 400 homes sold in the area for a total value of $259.5-million, the largest amount in total dollars for any month in history for the region.
The average price of homes sold in June was just over $648,000, a jump over more than 39 per cent over the same month last year.
The realtors association says the comprehensive year-to-date average price in the region surpassed $635,000 for the first six months of 2021 — more than 43 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 $508,800 in June 2021, an increase of 39 per cent over the same month last year.
The benchmark price for single family homes (39.6%) surged highest year-over-year in Grey Bruce, while townhouse/row units (29.9%) and apartments (13.2%) also posted sizeable gains.
RAGBOS explains active listings at the end of June are at the lowest levels for the month in more than three decades, with only 562 residential units available for sale. This comes even as the number of new listings for month increased 10.5 per cent over June 2020, as 528 units hit the market.
One metric indicates Grey Bruce’s housing market continues to move at a quick pace as well. RAGBOS says months of inventory numbered 1.4 at the end of June, well below the long-run average of 5.5 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.