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The housing market in Grey Bruce remained slow in February, but prices showed some resilience bouncing higher on a monthly basis.
The Realtors Association of Grey Bruce Owen Sound says 154 homes sold, a decrease of 26.3 per cent from February 2022. Home sales were more than 16 per cent below the five-year average for the month, and nearly 11 per cent under the 10-year average.
The realtors association’ says the total dollar value of all home sales in February was $98.6-million, a drop of more than 38 per cent from the same month in 2022.
Average home prices in Grey Bruce were just over $640,000 — a year-over-year decline of 16.8 per cent. Month-to-month, it’s a jump of more than 14 per cent from January when the average price of homes sold in the region was $560,000.
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 $523,100 in February, a decline of 14.7 per cent from the same month last year. It is about 1.5 per cent lower than the benchmark price of $530,700 the region posted in January.
The benchmark price for single family homes in Grey Bruce was $529,400, a decline of 14.8 per cent year-over-year. For townhouse/row units in February it was $453,700 (a year-over-year decrease of 12.8 per cent) and for apartments it was $345,300 (5.4 per cent annual decrease).
New listings on the regional housing market continued to increase, and the overall supply remains elevated over recent years.
The realtors’ association says 290 new listings hit the market, the largest number of new listings in the month of February in more than five years.
RAGBOS explains active listings at the end of February 2023 are more than 166.9 per cent higher than last year and at their highest level in more than five years for the month, with 774 residential units available for sale. That is more than 43 per cent above the five-year average for February in the region, but actually 12.8 per cent below the longer-run, 10-year average.
One metric indicates the pace of Grey Bruce’s housing market is near the long-run average for this time of year. RAGBOS says months of inventory numbered five at the end of February, up from 1.4 months recorded in the same month last year. The number indicates how long it would take to sell current inventories at the current rate of sales activity.
The long run average is 5.6 months for this time of year.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.