Home sales in Grey Bruce picked up a bit in January.
The Realtors Association of Grey Bruce Owen Sound says 118 homes sold, a small gain of 3.5 per cent over January 2023. The sales activity number was below the longer-run averages for the month (16.3 per cent below five-year trend, and 13.8 per cent below 10-year).
The realtors association’ says the total dollar value of all home sales in January was $79.1-million, an increase of 23.7 per cent year-over-year.
The average price of homes sold was just over $670,000 — an annual increase of 19.5 per cent. Month-to-month, it’s essentially in line with the average price the region posted in December 2023 ($674,000).
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 composite benchmark home price for Grey Bruce was $550,700, up by 5.4 per cent from January 2023. On a monthly basis, it is in line (0.4 per cent lower) than the benchmark price the region posted in December 2023 ($548,600).
The benchmark price for single family homes in Grey Bruce was $557,300, an increase of 5.4 per cent year-over-year. For townhouse/row units in January it was $519,500 (a year-over-year increase 13.9 per cent) and for apartments it was $328,200 (2.6 cent annual decrease).
There’s plenty of housing supply on the regional market. RAGBOS says the amount of active listings at the end of January was the most for the month in five years. There were more than 860 units listed, up 12.9 per cent from last year and more than 51 per cent above the five-year average.
More than 260 new listings hit the market last month, the most for January in more than five years.
One metric indicates the pace of Grey Bruce’s housing market is moving slower than the longer term trend for this time of year. RAGBOS says months of inventory numbered 7.3 at the end of January. That is below the long-run average of six 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.