The housing market in Grey Bruce remained strong in November with average prices treading higher and sales volume at record numbers for the month.
The Realtors Association of Grey Bruce Owen Sound says 258 homes sold last month, unchanged from November 2020. This ties the record for home sales volume set last year in the area.
The realtors association’ says the total dollar value of all home sales in November was $169.4-million, an increase of 18.9 from the same month in 2020. It was also a new sales record for the month of November.
Average home prices in Grey Bruce in November were just over $656,600, in line with October when it was $657,000. The year-over-year increase for average home prices in November 2021 was nearly 19 per cent over the same month last year.
The realtors’ association says the comprehensive year-to-date average price in the region sits at just over $642,220 for the first 11 months of 2021 — about 34.8 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 $533,000 in November 2021, an increase of 33.4 per cent over the same month last year. It is also slightly higher than the composite benchmark price of $526,600 the region posted in October 2021.
The benchmark price for single family homes in Grey Bruce was $532,800, surging 32.8 per cent higher year-over-year. The composite benchmark price for townhouse/row units in November was $472,100 (a year-over-year increase of 45.6%) and for apartments it was $385,200 (38.2% increase).
RAGBOS explains active listings at the end of November are at the lowest levels for the month in more than three decades, with only 348 residential units available for sale. Only 234 new listings hit the market in November.
One metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.3 at the end of November, well below the long-run average of 5.8 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.