The real estate market slowdown in Grey Bruce accelerated in July with home sales dropping to their lowest levels for the month since 1994.
The Realtors Association of Grey Bruce Owen Sound says 148 homes sold, a substantial decline of 52.7 per cent from the same month last year. Home sales were more than 50 per cent below the five-year and 10-year averages for July.
The realtors association’ says the total dollar value of all home sales in July was $95.6-million, plunging 50.2 per cent from the same month in 2021.
Average home prices in Grey Bruce were just over $646,000, a year-over-year increase of 5.3 per cent. It’s a decline, however, from June 2022 when the average price of homes sold in the region topped $686,000.
Home prices are down around 13.1 per cent from three months prior. RAGBOS reported in April the average was just over $744,000.
The more comprehensive year-to-date average price was $726,526, an increase of 15.2 per cent from the first seven 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 $609,100 in June, an increase of 12.8 per cent over the same month last year. It’s a slight decline of around 3.1 per cent from the composite benchmark price of $629,300 the region posted in June.
The benchmark price for single family homes in Grey Bruce was $614,300, a jump of 12.2 per cent year-over-year. For townhouse/row units in June was $586,800 (a year-over-year increase of 25 per cent) and for apartments it was $365,500 (36.6 per cent increase).
There’s more supply sitting on the regional housing market as well.
RAGBOS explains active listings at the end of July 2022 are more than 78 per cent higher than last year, with 1,070 residential units available for sale. This as 446 new listings hit the market in the month.
One metric indicates the pace of Grey Bruce’s housing market is slowing, even below the historical averages. RAGBOS says months of inventory numbered 7.2 at the end of July, up from 1.9 months recorded in the same month last year. This is above the long-run average of 5.6 months for this time of year.
The 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.