GREY BRUCE REAL ESTATE MARKET UPDATE

REALTORS® Association of Grey Bruce Owen Sound MLS® home sales come in on average in July as inventory continues to dry up.

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 327 units in July 2021. This was a large decline of 27.7% from July 2020.

Home sales were 5.2% below the five-year average and 1.6% above the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 2,180 units over the first seven months of the year. This increased by 23.6% from the same period in 2020.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $518,500 in July 2021, a jump of 40.3% compared to July 2020.

The benchmark price for single-family homes was $521,500, a substantial gain of 40.9% on a year-over-year basis in July.

By comparison, the benchmark price for townhouse/row units was $425,500, a gain of 28.9% compared to a year earlier, while the benchmark apartment price was $309,000, up by 21% from year-ago levels.

The average price of homes sold in July 2021 was $628,341, an advance of 30.5% from July 2020.

The more comprehensive year-to-date average price was $635,191, up sharply by 40.4% from the first seven months of 2020.

The dollar value of all home sales in July 2021 was $205.5 million, a decrease of 5.6% from the same month in 2020.

The number of new listings saw a big reduction of 10.4% from July 2020. There were 397 new residential listings in July 2021.

New listings were 8.7% below the five-year average and 19.1% below the 10-year average for the month of July.

Active residential listings numbered 584 units on the market at the end of July, a substantial decline of 21.3% from the end of July 2020. Active listings haven’t been this low in the month of July in more than three decades.

Active listings were 38.4% below the five-year average and 67% below the 10-year average for the month of July.

Months of inventory numbered 1.8 at the end of July 2021, up from the 1.6 months recorded at the end of July 2020 and below the long-run average of 5.8 months for this time of year.