The real estate market in Bruce and Grey counties slowed in September, but prices remained fairly steady.
The Realtors Association of Grey Bruce Owen Sound says 183 homes sold, a slight decline of 2.1 per from September 2022. The sales activity number was also well below the longer-run averages for the month (33.2 per cent below five-year trend, and 36.8 per cent below 10-year).
The realtors association’ says the total dollar value of all home sales in September was $118.8-million, a small 2.4 per cent reduction from the same month last year.
The composite benchmark home price for Grey Bruce was $579,800, slightly below (1.4%) September 2022. It is essentially in line with the benchmark price the region posted in August 2023 ($579,000).
RAGBOS notes the MLS composite benchmark price 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.
The benchmark price for single family homes in Grey Bruce was $587,600, essentially unchanged cent year-over-year. For townhouse/row units in September it was $521,900 (a year-over-year decrease of 11.7 per cent) and for apartments it was $338,900 (7.4 per cent annual decrease).
The more comprehensive year-to-date average price was $635,263, a decline of 10.5 per cent from the first nine months of 2022.
There’s plenty of housing supply on the regional housing market. RAGBOS says the amount of new listings in September was the most for the month in five years. Four-hundred and eighty-four homes were listed. That is 13.8 per cent higher than the five-year average, and 16.3 per cent above the 10-year.
The realtors’ association also says there were 1,247 active residential listings at the end of September, the highest level in more than five years for the month.
One metric indicates the pace of Grey Bruce’s housing market is moving slower than the long-term trend for this time of year. RAGBOS says months of inventory numbered 6.8 at the end of September. That is well above the average of 4.7 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.