Average home prices in Bruce and Grey counties held steady in August as real estate market activity slowed.
The Realtors Association of Grey Bruce Owen Sound says 325 homes sold in the area, a drop of 18.8 per cent compared to the same month in 2020. Home sales in the region in August were 5.1 per cent below the five-year average.
The average price of homes sold in August was just over $642,000, an increase of more than 36 per cent year-over-year. In July 2021, the average home prices in the area reached over $628,000.
The realtors’ association says the comprehensive year-to-date average price in the region sits at just over $631,000 for the first eight months of 2021 — more than 38.9 per cent higher than the same period in 2020.
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 $521,700 in August 2021, an increase of 36.6 per cent over the same month last year. It is also slightly higher than the composite benchmark price of $518,500 the region posted in July 2021.
The benchmark price for single family homes was $524,200 and surged highest year-over-year in Grey Bruce (36.9%), while townhouse/row units (30.8%) and apartments (23%) also posted sizeable gains.
The realtors association’ says the total dollar value of all home sales in August was $208.7 million, an increase of 11 per cent over the same month in 2020. This was also a new record for the area for the month of August.
Despite the lower sales volume in August 2021, one metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.7 at the end of August, well below the long-run average of 5.3 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.
RAGBOS explains active listings at the end of August are at the lowest levels for the month in more than three decades, with only 550 residential units available for sale. This comes as the number of new listings for month fell by 5.9 per cent over August 2020, as 365 units hit the market.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.
