Home sales down from last year but still above average.
Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound were down 13.3% on a year-over-year basis in January 2017.
That said, it was still above average – the second best January since January 2010. Home sales numbered 104 units in January 2017. The average price of homes sold in January 2017 was $254,670, up 7.6% year-over-year.
New residential listings on the Association’s MLS® System numbered 223 units in January 2017. This was a decrease of 1.3% compared to January 2016. New supply has recently struggled to keep up with strong demand, which has led to historically tight market conditions.
Active residential listings totalled 695 units at the end of January, down 32.1% from the same time last year. This was the lowest level of supply ever recorded.
The number of months of inventory stood at 6.7 at the end of January, down from 8.5 months a year earlier and the lowest level of any January 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 January was $26.5 million, down 6.7% on a year-over-year basis. Sales of all types of properties numbered 160 units in January 2017, up 6.7% from the previous January. The total value of all properties sold in January 2017 was $43.7 million, an increase of 18.4% from a year earlier.