GREY BRUCE REAL ESTATE MARKET UPDATE

Grey Bruce home sales in line with 10-year average.

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 114 units in January 2019.

This was exactly in line with the 10-year average for January, but marked a decline of 18.6% from January 2018, which was nearly a record for the month. The average price of homes sold in January 2019 was $343,156, up 8.5% from January 2018.

New residential listings in the region numbered 176 units in January 2019. While this was an increase of 15.8% on a year-over-year basis, it was still a very low reading for new supply to start the year.

Overall supply also stands just above record lows. Active residential listings numbered just 565 units at the end of January, up 10.4% from the end of January 2018, which saw the lowest supply ever recorded at any point in the Association’s history.

Months of inventory numbered 5 at the end of January 2019, up from the 3.7 months recorded at the end of January 2018 but below the long-run average of 13.9 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 January 2019 was $39.1 million, decreasing by 11.7% from the same month in 2018. Sales of all property types numbered 154 units in January 2019, down 8.9% (15 sales) from January 2018. The total value of all properties sold was $57.8 million, rising 13.2% from January 2018.