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Average home prices in Bruce and Grey counties slipped a bit in July, as sales were below the long-term trends for the month.
The Realtors Association of Grey Bruce Owen Sound says 241 homes sold, a big jump of nearly 70 per cent from July 2022. However, the sales activity number was 17.6 per cent below the five-year average for the month, and 20.4 per cent under the longer-term, 10-year average.
The realtors association’ says the total dollar value of all home sales in July was $145.9-million, an increase of 60.4 per cent from the same month in 2022.
Average home price in Grey Bruce was just over $605,000 — a year-over-year decline of 5.5 per cent. Month-to-month, it’s a drop of 11.2 per cent from June 2023 when the average price was $681,000.
The more comprehensive year-to-date average price was $637,599, a decline of 12.2 per cent from the first seven months of 2022.
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 $572,200 in July, a decline of 7.6 per cent from the same month last year. It is fairly in line with the benchmark price of $567,600 the region posted in June.
The benchmark price for single family homes in Grey Bruce was $579,600, a decrease of 7.3 per cent year-over-year. For townhouse/row units in June it was $506,000 (a year-over-year decrease of 13.8 per cent) and for apartments it was $354,700 (1.9 per cent annual decrease).
It was a slower July for new listings. Four-hundred and twelve houses hit the market. That is 4.2 per cent lower than the five-year average, and 10.9 per cent below the 10-year.
But there is still a fair amount of overall housing supply on the regional housing market. The realtors’ association says there were 1,170 active residential listings at the end of July, more than 7.5 per cent higher than last year and 22.3 per cent above the five-year average.
One metric indicates the pace of Grey Bruce’s housing market is moving in line with the longer term trend for this time of year. RAGBOS says months of inventory numbered 4.9 at the end of July. That is slightly below the long-run average of 5.1 months for this time of year. The 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.