May was another record-breaking month for home sales in Grey Bruce.
The Realtors Association of Grey Bruce Owen Sound says 368 homes sold in the area for a total value of $245.5-million, the largest amount in total dollars for any month in history for the region.
RAGBOS says this was more than double the sales levels of the same month in 2020, rocketing up 130 per cent.
The average price of homes sold in May reached a record at just over $667,000, a jump over more than 38 per cent over the same month last year.
The realtors association says the comprehensive year-to-date average price in the region surpassed $632,000 for the first five months of 2021 — more than 46 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 $501,600 in May 2021, an increase of more than 41 per cent over the same month last year.
The benchmark price for single family homes (41%) surged highest year-over-year in Grey Bruce, while townhouse/row units (27.9%) and apartments (12.9%) also posted sizeable gains.
RAGBOS explains active listings at the end of May are at the lowest levels for the month in more than three decades, with only 509 residential units available for sale.
One metric indicates the market continues to move at a quick pace as well. RAGBOS says months of inventory numbered 1.4 at the end of May, well below the long-run average of five 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.