Home sales in Grey Bruce picked up slightly in November.
The Realtors Association of Grey Bruce Owen Sound says 152 homes sold, an increase of 16 per cent from November 2022. However, the sales activity number was also well below the longer-run averages for the month (25.4 per cent below five-year trend, and 27.6 per cent below 10-year).
The realtors association’ says the total dollar value of all home sales in November was $99.8-million, an increase of 25.9 per cent year-over-year.
The average price of homes sold was just over $656,000 — an increase of 8.5 cent from the same month last year. It’s essentially unchanged from the average price the region posted in October 2023 ($660,000).
The more comprehensive year-to-date average price was $638,675, a decrease of 8.2% from the first 11 months of 2022.
RAGBOS notes the MLS composite benchmark price 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.
The composite benchmark home price for Grey Bruce was $560,500, slightly below (2.2%) November 2022. It is about 1.6 per cent lower than the benchmark price the region posted in October 2023 ($569,400).
The benchmark price for single family homes in Grey Bruce was $566,800, down by 2.2 per cent cent year-over-year. For townhouse/row units in November it was $528,000 (a year-over-year increase 4.2 per cent) and for apartments it was $343,200 (6.1 per cent annual decrease).
There’s plenty of housing supply on the regional housing market. RAGBOS says the amount of active listings at the end of November was the most for the month in five years. There are nearly 1,100 units listed on the market, up 11.2 per cent from last year and more than 42 per cent above the five-year average.
More than 300 new listings hit the market last month, the most for November in more than five years.
One metric indicates the pace of Grey Bruce’s housing market is slower than the longer term trend for this time of year. RAGBOS says months of inventory numbered 7 at the end of November. That is well below the long-run average of five.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.