Average home prices in Bruce and Grey counties continued to tread higher in September as the real estate market posted another record-setting month in terms of total sales dollars.
The Realtors Association of Grey Bruce Owen Sound says 327 homes sold in the area. RAGBOS says while this is a drop of 15.5 per cent compared to the same month in 2020, it still marks the third highest September on record in terms of total units sold.
The realtors association’ says the total dollar value of all home sales in September was $230.2 million, an increase of 18.5 per cent over the same month in 2020. This was also a new record for the area for the month of September.
The average price of homes sold in September was just over $703,000, an increase of more than 40.2 per cent year-over-year. In August 2021, average home prices in the area reached over $642,000.
The realtors’ association says the comprehensive year-to-date average price in the region sits at just over $639,000 for the first nine months of 2021 — more than 38.5 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 $523,900 in September 2021, an increase of 35.1 per cent over the same month last year. It is also slightly higher than the composite benchmark price of $521,700 the region posted in August 2021.
The benchmark price for single family homes was $525,800 and surged 35.1 per cent year-over-year in Grey Bruce. The composite benchmark price for townhouse/row units in Grey Bruce in September was $436,600 (a year-over-year increase of 36.9%) and for apartments it was $347,100 (25.1% increase).
One metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.6 at the end of September, well below the long-run average of 5.5 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.
RAGBOS explains active listings at the end of September are at the lowest levels for the month in more than three decades, with only 534 residential units available for sale. This comes despite the number of new listings for month increasing 3.3 per cent September 2020, as 404 units hit the market.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.