Real estate market activity in Bruce and Grey counties cooled in July, but average prices held steady.
The Realtors Association of Grey Bruce Owen Sound says 327 homes sold in the area, a drop of more than 27.7 per cent compared to the same month in 2020. Home sales in the region in July were 5.2 per cent below the five-year average.
The average price of homes sold in July was just over $628,000, an increase of more than 30.5 per cent year-over-year. In June 2021, the average home prices in the area reached over $648,000.
The realtors’ association says the comprehensive year-to-date average price in the region sits at just over $635,000 for the first seven months of 2021 — more than 40.4 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 $518,500 in July 2021, an increase of 40.3 per cent over the same month last year. It is also slightly higher than the composite benchmark price of $508,800 the region posted in June 2021.
The benchmark price for single family homes (40.9%) surged highest year-over-year in Grey Bruce, while townhouse/row units (28.9%) and apartments (21%) also posted sizeable gains.
The realtors association’ says the total dollar value of all home sales in July was $205.5 million, a decrease of 5.6 per cent from the same month in 2020.
Despite the lower sales volume in July 2021, one metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.8 at the end of July, well below the long-run average of 5.8 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 July are at the lowest levels for the month in more than three decades, with only 584 residential units available for sale. This comes as the number of new listings for month fell by 10.4 per cent over July 2020, as 397 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.
