Home sales solid as overall supply drops to record low.
Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 327 units in June 2018.
This was a decrease of 13% from the record for the month seen in June 2017 but was still one of the better months of June in history.
On a year-to-date basis, home sales totalled 1,454 units over the first six months of the year. This was a decrease of 17.6% from the same period in 2017.
The average price of homes sold in June 2018 was $342,111, rising 11.4% from June 2017. The more comprehensive year-to-date average price was $343,141, up 10.3% from the first six months of 2017.
New residential listings in the region numbered 443 units in June 2018. This was a decrease of 15.1% on a year-over-year basis and was the lowest level of new supply since the early 2000’s.
Overall supply also stands at record lows. Active residential listings numbered 944 units at the end of June. This was a decrease of 18% from the end of June 2017.
Months of inventory numbered just 2.9 at the end of June 2018, down a bit from the 3.1 months recorded at the end of June 2017 and below the long-run average of 9.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in June 2018 was $111.9 million, edging down 3.1% from the record for the month seen in 2017.
Sales of all property types numbered 377 units in June 2018, a decrease of 18.9% from June 2017. The total value of all properties sold was $129.4 million, down 8.8% from June 2017.