GREY BRUCE REAL ESTATE MARKET UPDATE

Grey Bruce home sales post solid results for October.

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 281 units in October 2018.

While this was down 9.4% from October 2017, it was nonetheless the third best October sales figure in history after 2016 and 2017.

On a year-to-date basis, home sales totalled 2,508 units over the first 10 months of the year. This was a decrease of 16.3% from the same period in 2017.

The average price of homes sold in October 2018 was $376,956, up 17% from October 2017. The more comprehensive year-to-date average price was $360,382, rising a similar 15.8% from the first 10 months of 2017.

New residential listings in the region numbered 300 units in October 2018. This was a decrease of 17.6% on a year-over-year basis. Overall supply has been running at record-lows this year. Active residential listings numbered 786 units at the end of October. This was a decrease of 17.1% from the end of October 2017. The long-run average for this time of the year is more than 1,700 listings.

Months of inventory numbered a record-low 2.8 at the end of October 2018, down from the 3.1 months recorded at the end of October 2017 and well below the long-run average of 9.6 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 October 2018 was $105.9 million, up 6% from the same month in 2017. This was the first time in history that the value of October home sales has topped the $100 million mark.

Sales of all property types numbered 349 units in October 2018, down 6.9% from October 2017. The total value of all properties sold was $123.1 million, up 5.2% from October 2017.