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August was another slow month for the real estate market in Grey Bruce.
The Realtors Association of Grey Bruce Owen Sound says 207 homes sold, a sizeable decline of 35.7 per cent from the same month last year. Home sales were more than 35 per cent below the five-year and 10-year averages for August.
The realtors association’ says the total dollar value of all home sales in August was $130.9-million, sinking 37 per cent from the same month in 2021.
Average home prices in Grey Bruce were just over $632,500, a year-over-year decline of 1.9 per cent. It’s also a drop from July 2022 when the average price of homes sold in the region topped $646,000.
Home prices are down nearly 15 per cent since spring. RAGBOS reported in April the average was just over $744,000.
The more comprehensive year-to-date average price was $715,241, an increase of 13.1 per cent from the first eight months of 2021.
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 $587,000 in August, an increase of 7.5 per cent over the same month last year. It’s a slight decline of around 3.6 per cent from the composite benchmark price of $609,100 the region posted in July.
The benchmark price for single family homes in Grey Bruce was $589,900, a jump of 6.6 per cent year-over-year. For townhouse/row units in June was $616,900 (a year-over-year increase of 28.2 per cent) and for apartments it was $364,500 (27 per cent increase).
There continues to be more supply on the regional housing market as well compared to recent years.
RAGBOS explains active listings at the end of August 2022 are more than 85 per cent higher than last year and more than 19 per cent above the five-year average, with 1,041 residential units available for sale. This as 377 new listings hit the market in the month.
One metric indicates the pace of Grey Bruce’s housing market is much slower than last year’s blistering pace. RAGBOS says months of inventory numbered five at the end of August, up from 1.7 months recorded in the same month last year. The number indicates how long it would take to sell current inventories at the current rate of sales activity. The long run average is 4.6 months for this time of year.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.