The real estate market in Grey Bruce remained slow in March as new listings jumped.
The Realtors Association of Grey Bruce Owen Sound says 197 homes sold, down more than 12 per cent from March 2023. It was a slow month compared to the longer-run trends as well, with home sales 21.6 per cent below the five-year average for March and 19.4 per cent under the 10-year average.
The realtors’ association says the total dollar value of all home sales in March was $124.2-million, down 10.5 per cent year-over-year.
The average price of homes sold was just over $630,000 — a slight annual gain of 1.8 per cent. Month-to-month, it’s also 1.8 per cent higher from the average price number the region posted in February ($619,000). The year-to-date average price is around $634,500, a slight increase of 3.8 per cent from the first three months of 2023.
RAGBOS notes the MLS composite benchmark price 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.
The composite benchmark home price for Grey Bruce was $554,000, up by two per cent from March 2023. On a monthly basis, it is in essentially in line (1.1 per cent higher) than the benchmark price the region posted in February ($548,100).
The benchmark price for single family homes was $561,100, an increase of two per cent year-over-year. For townhouse/row units it was $503,600 (a year-over-year increase 9.6 per cent) and for apartments it was $335,500 (5.3 cent annual decrease).
The regional housing market continues to see plenty of supply on it, and 539 new listings were added in March. That’s a jump of more than 32 per cent over March 2023. RAGBOS says it’s also the largest number of new listings for the month in more than five years. The number of active listings (1,147) at the end of March was also the highest in more than five years.
One metric indicates the pace of Grey Bruce’s housing market is moving slower than the longer term trend for this time of year. RAGBOS says months of inventory numbered 5.8 at the end of March. That is above the long-run average of 3.9 months for this time of year.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.
