February was another active month for home sales in Grey Bruce and prices continued to tread higher.
The Realtors Association of Grey Bruce Owen Sound says 216 homes sold last month, a gain of 0.9 per cent over February 2021. RAGBOS says the sales volume also marked a new record for the region for the month of February.
Home sales were 17.9 per cent above the five-year average and 26.3 per cent above the 10-year average for the month of February. On a year-to-date basis, home sales totaled a record 385 units over the first two months of the year.
The realtors association’ says the total dollar value of all home sales in February was $165.7-million, an increase 25.2 per cent from the same month in 2021. It was also a new sales record for the month of February.
Average home prices in Grey Bruce in February were just over $766,000, a year-over-year jump of 24 per cent. In January 2021, the average price of home sold in the region topped $756,000.
The more comprehensive year-to-date average price was $761,000, an increase of 29.7 per cent from the first two months of 2021.
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 $583,200 in February, an increase of 31.7 per cent over the same month last year. It is also higher than the composite benchmark price of $555,300 the region posted in January.
The benchmark price for single family homes in Grey Bruce was $584,400, surging 31.3 per cent higher year-over-year. For townhouse/row units in February it was $464,300 (a year-over-year increase of 37.2 per cent) and for apartments it was $397,800 (46.2 per cent increase).
RAGBOS explains active listings at the end of February 2022 are at the lowest levels for the month in more than three decades, with only 284 residential units available for sale. This as 259 new listings hit the market in the month, the largest number for February in more than five years.
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 February, well below the long-run average of 6.4 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.