Average home prices in Grey Bruce continued to head higher in the final month 2021, closing out a record year for real estate in the region.
The Realtors Association of Grey Bruce Owen Sound says 155 homes sold last month, a sharp drop of 23.6 per cent from December 2020. However, home sales in December were still slightly above the five-year average for the month.
The realtors association’ says the total dollar value of all home sales in December was $128.8-million, an increase 3.8 per cent from the same month in 2020. It was also a new sales record for the month of December.
On an annual basis, RAGBOS says 3,503 units were sold over the course of 2021 — a record number for volume in the region.
Average home prices in Grey Bruce in December were just over $830,980, a year-over-year jump of 48.5 per cent.
The realtors’ association says the comprehensive average annual price in the region for 2021 was $650,944 — a significant increase of 35.2 per cent over 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 $534,800 in December 2021, an increase of 30.8 per cent over the same month last year. It is also slightly higher than the composite benchmark price of $533,000 the region posted in November 2021.
The benchmark price for single family homes in Grey Bruce was $535,200, surging 30.4 per cent higher year-over-year. The composite benchmark price for townhouse/row units in December was $466,600 (a year-over-year increase of 41.6%) and for apartments it was $384,000 (34% increase).
RAGBOS explains active listings at the end of December 2021 are at the lowest levels for the month in more than three decades, with only 256 residential units available for sale. Only 114 new listings hit the market in December.
One metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.7 at the end of December, well below the long-run average of 7.3 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.