Home prices in Grey Bruce were steady in March as listings in the market remained at decades-low levels.
The Realtors Association of Grey Bruce Owen Sound says 271 homes sold last month, a substantial decline of 18.6 per cent from March 2021. Despite the year-over-year decline in sales activity, RAGBOS says March 2022 was still the third-best on record for the month. Home sales were 10.1 per cent above the five-year average and 16 per cent above the 10-year average for March.
On a year-to-date basis, home sales totalled a record 655 units over the first three months of the year — a six per cent drop from the same period in 2021.
The realtors association’ says the total dollar value of all home sales in March was $205.8-million, down by 4.4 per cent from the same month in 2021.
Average home prices in Grey Bruce in March were just over $759,000, a year-over-year jump of 17.4 per cent. In February 2022, the average price of home sold in the region topped $766,000.
The more comprehensive year-to-date average price was $760,593, an increase of 23.6 per cent from the first three months of 2021.
RAGBOS notes the MLS Home Price Index is a more advanced and accurate tool to gauge a neighbourhood’s home price levels and trends. It is based on the value home buyers assign to various housing attributes, which tend to evolve over time.
Using the MLS Home Price Index, the composite benchmark for Grey Bruce was $603,500 in March, an increase of 28.5 per cent over the same month last year. It is also higher than the composite benchmark price of $583,200 the region posted in February.
The benchmark price for single family homes in Grey Bruce was $607,000, surging 27.9 per cent higher year-over-year. For townhouse/row units in March it was $488,800 (a year-over-year increase of 40.4 per cent) and for apartments it was $386,400 (45.9 per cent increase).
RAGBOS explains active listings at the end of March 2022 are at the lowest levels for the month in more than three decades, with only 338 residential units available for sale. This as 362 new listings hit the market in the month, a 14.4 per cent decline from March 2021.
One metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.1 at the end of March, well below the long-run average of 5.4 months for this time of year. This number indicates how long it would take to sell current inventories at the current rate of sales activity.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.