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Home prices and sales activity fell further in Grey Bruce in November as the housing market downturn continued amid a backdrop of more central bank monetary policy tightening.
The Realtors Association of Grey Bruce Owen Sound says 127 homes sold, a sharp decline of 49 per cent from the same month last year. Home sales were more than 40 per cent below the five-year and 10-year averages for November.
The realtors association’ says the total dollar value of all home sales in November was $76.5-million, sinking more than 54 per cent from the same month in 2021.
Average home prices in Grey Bruce were just over $602,000, a year-over-year decline of 9.7 per cent. That is essentially in line with October, when the average price of homes sold in the region was around $606,000.
Home prices are down around 19 per cent since spring. RAGBOS reported in April the average was just over $744,000.
The more comprehensive year-to-date average price was $695,991, an increase of 8.2 per cent from the first 11 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 $564,100 in November, an increase of 2.1 per cent over the same month last year. It is also little change from the composite benchmark price of $569,100 the region posted in October.
The benchmark price for single family homes in Grey Bruce was $569,900, an increase of 2.3 per cent year-over-year. For townhouse/row units in November it was $506,400 (a year-over-year decrease of three per cent) and for apartments it was $369,800 (8.9 per cent annual increase).
There continues to be more supply sitting on the regional housing market as well compared to recent years.
RAGBOS explains active listings at the end of November 2022 are more than 159 per cent higher than last year and at their highest level in more than five years for the month, with 944 residential units available for sale. This as 283 new listings hit the market, the most in November in more than five years.
One metric indicates the pace of Grey Bruce’s housing market has slowed substantially, with listings taking longer to sell than usual around this time of year. RAGBOS says months of inventory numbered 7.4 at the end of November, up from 1.5 months recorded in the same month last year. The number indicates how long it would take to sell current inventories at the current rate of sales activity. The long run average is 5.4 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.