GREY BRUCE REAL ESTATE MARKET UPDATE

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 288 units in October 2019.

This was up 3.2% (nine sales) from October 2018 and marked the third-best October sales figure ever after 2016 and 2017.

On a year-to-date basis, home sales totalled 2,457 units over the first 10 months of the year, down 1.8% from the same period in 2018.

The average price of homes sold in October 2019 was $395,994, up 4.9% from October 2018.

The more comprehensive year-to-date average price was $390,238, rising 8.4% from the first 10 months of 2018. New residential listings in the region numbered 323 units in October 2019, up 8.4%on a year-over-year basis.

That said, overall supply remains near record lows. Active residential listings numbered just 890 units at the end of October, an increase of 10.3%from the end of October 2018 but below the same time in every other year on record.

Months of inventory numbered 3.1 at the end of October 2019, up slightly from the 2.9 months recorded at the end of October 2018 but well below the long-run average of 9.4 months for this time of year.

The dollar value of all home sales in October 2019 was $114 million, up 8.3% from the same month in 2018. This was a new record for the month of October.

Sales of all property types numbered 341 units in October 2019, edging down 1.7% (six sales) from October 2018. The total value of all properties sold was $128.9 million, up 5.3% from October 2018.