The real estate market in Bruce and Grey counties remained cool in October, with the amount of home sales well below the long run averages for the month.
The Realtors Association of Grey Bruce Owen Sound says 175 homes sold, a slight gain of 6.7 per cent from October 2022. The sales activity number was also well below the longer-run averages for the month (33.6 per cent below five-year trend, and 36.1 per cent below 10-year).
The realtors association’ says the total dollar value of all home sales in October was $115.6-million, an increase of 17.4 per cent year-over-year.
The average price of homes sold was just over $660,000 — an increase of just over 10 per cent from the same month last year.
The more comprehensive year-to-date average price was $637,578, a moderate decrease of 9.1% from the first 10 months of 2022.
The composite benchmark home price for Grey Bruce was $569,400, slightly below (1.5%) October 2022. It is about 1.8 per cent lower than the benchmark price the region posted in September 2023 ($579,800).
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 $577,100, essentially unchanged cent year-over-year. For townhouse/row units in September it was $506,400 (a year-over-year decrease of 11.3 per cent) and for apartments it was $336,200 (5.9 per cent annual decrease).
There’s still plenty of housing supply on the regional housing market. RAGBOS says the amount of active listings at the end of October was the most for the month in five years. There are nearly 1,200 units listed on the market, up 14.5 per cent from last year and more than 42 per cent above the five-year average.
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 6.2 at the end of October. That is well above the average of 4.5 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.
