Home sales in Grey Bruce dipped in February.
The Realtors Association of Grey Bruce Owen Sound says 148 homes sold, a small decrease of 5.7 per cent from February 2023. But the sales activity number was below the longer-run averages for the month (20.9 per cent below five-year trend, and 16.6 per cent below 10-year).
The realtors’ association says the total dollar value of all home sales in February was $91.7-million, down by 8.1 per cent year-over-year.
The average price of homes sold was just over $619,000 — an annual decrease of 2.5 per cent. Month-to-month, it’s down about 7.5 per cent from the average price number the region posted in December 2023 ($670,000). The year-to-date average price is around $639,000, a slight increase of 5.9 per cent from the first two months of 2023.
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 $548,100, up by 2.5 per cent from February 2023. On a monthly basis, it is in line (0.5 per cent lower) than the benchmark price the region posted in January ($550,700).
$550,700.
The benchmark price for single family homes in Grey Bruce was $554,600, an increase of 2.5 per cent year-over-year. For townhouse/row units in February it was $511,200 (a year-over-year increase 9.2 per cent) and for apartments it was $335,400 (4.7 cent annual decrease).
There’s plenty of housing supply on the regional market. RAGBOS says the amount of active listings (965 units) at the end of February was the most for the month in more than five years. There were 352 new listings, up 19.3 per cent from last year and the most for the month of February in more than a decade.
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 6.5 at the end of February. That is above the long-run average of 4.9 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.