The average price of a home in Grey Bruce posted a monthly increase in April, as supply on the regional housing market sits near a five-year high for this time of year.
The Realtors Association of Grey Bruce Owen Sound says 237 homes sold, a decline of 16.8 per cent from April 2022. Home sales were more than 8.7 per cent below the five-year average for the month, and more than 18 per cent under the 10-year average.
The realtors association’ says the total dollar value of all home sales in April was $157.5-million, a drop of more than 25 per cent from the same month in 2022.
Average home price in Grey Bruce was just over $664,000 — a year-over-year decline of 10.4 per cent. Month-to-month, it’s an increase of 7.6 per cent from March 2023 when the average price was $617,000.
The more comprehensive year-to-date average price was $628,909, a decline of 16.6 per cent from the first four months of 2022.
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 $541,600 in April, a decline of 16 per cent from the same month last year. It is about 1.3 per cent higher than the benchmark price of $534,700 the region posted in March.
The benchmark price for single family homes in Grey Bruce was $548,900, a decline of 16.1 per cent year-over-year. For townhouse/row units in April it was $454,500 (a year-over-year decrease of 15.7 per cent) and for apartments it was $351,300 (2.9 per cent annual decrease).
The amount of new listings hitting the regional housing market in April was largely in line with last year, while overall supply on the market is above mid-term trend.
The realtors’ association says there were 930 active residential listings at the end of April, are more than 99.1 per cent higher than last year and at their highest level in more than five years for the month. That is more than 36.1 per cent above the five-year average for April in the region, but actually 16.8 per cent below the longer-run, 10-year average.
One metric indicates the pace of Grey Bruce’s housing market is settled near the longer-term trend. RAGBOS says months of inventory numbered 3.9 at the end of April. That is below the long-run average of 4.2 months for this time of year, but up from 1.6 months recorded in April 2022. 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.
