GREY BRUCE REAL ESTATE MARKET UPDATE

Residential sales activity in the geographical area covered by the REALTORS® Association of Grey Bruce Owen Sound totaled 191 units in May 2020.

While this was still a large 36.3% decline from May 2019, it was considerably smaller than the 54% drop recorded in April.

On a year-to-date basis, home sales totalled 846 units over the first five months of the year. a decrease of 13.4% from the same period in 2019.

The average price of homes sold in May 2020 was a record $514,503, surging 34.5% from May 2019. The more comprehensive year-to-date average price was $439,382, rising 18.5% from the first five months of 2019.

New residential listings in the region numbered 320 units in May 2020. This was down 35.1% on a year-over-year basis.

Overall supply is at record lows. Active residential listings numbered just 771 units at the end of May, a decrease of 18.8% from the end of May 2019.

Months of inventory numbered 4 at the end of May 2020, up a bit from the 3.2 months recorded at the end of May 2019 but below the long-run average of 6.3 months for this time of year.

The dollar value of all home sales in May 2020 was $98.3 million, decreasing by 14.4% from the same month in 2019.

Sales of all property types numbered 226 units in May 2020, down 39.2% from May 2019. The total value of all properties sold was $109.3 million, falling 22.3% from May 2019.