Grey Bruce home sales tie last year’s November record

Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound were unchanged on a year-over-year basis in November.

Home sales numbered 200 units in November 2016. This was a record for the month – tied with last November.

On a year-to-date basis home sales totaled 2,892 units, running 17.4 per cent ahead of the first 11 months of 2015. With just one month to go this year, 2016 has already officially set a new annual sales record.

The average price of homes sold in November 2016 was $257,662, up 0.1 per cent year-over-year. The more representative year-to-date average price was $259,081, rising 5.8 per cent year-over-year.

New residential listings on the Association’s MLS® System numbered 232 units in November 2016. This was a decrease of 3.3 per cent compared to November 2015. New supply has struggled to keep up with strong demand, which has led to historically tight market conditions.

Active residential listings totaled 966 units at the end of November, down 38.6 per cent from the same time last year. This was the lowest level for this time of year in over a decade.

The number of months of inventory stood at 4.8 at the end of November, less than half the 8.6 months recorded at the end of November 2015 and the lowest level of any November on record. 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 November was $51.5 million, up 0.1 per cent on a year-over-year basis. Sales of all types of properties numbered 251 units in November 2016, up 0.8 per cent from the previous November. The total value of all properties sold in November 2016 was $70.9 million, an increase of 12.1 per cent from a year earlier.