January was another record-setting month for home sales in Grey Bruce.
The Realtors Association of Grey Bruce Owen Sound says 166 homes sold last month, a gain of 10.7 per cent over January 2021. RAGBOS says the sales volume also marked a new record for the region for the month of January.
The realtors association’ says the total dollar value of all home sales in January was $125.5-million, an increase 54.6 per cent from the same month in 2021. It was also a new sales record for the month of January.
Average home prices in Grey Bruce in January were just over $756,000, a year-over-year jump of 39.7 per cent. In December 2021, the average price of home sold in the region topped $830,000.
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 $555,300 in January, an increase of 31.1 per cent over the same month last year. It is also higher than the composite benchmark price of $534,800 the region posted in December 2021.
The benchmark price for single family homes in Grey Bruce was $557,000, surging 30.7 per cent higher year-over-year. For townhouse/row units in January it was $464,100 (a year-over-year increase of 40%) and for apartments it was $380,600 (35.2% increase).
RAGBOS explains active listings at the end of January 2022 are at the lowest levels for the month in more than three decades, with only 257 residential units available for sale. This as 210 new listings hit the market in the month.
One metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.4 at the end of January, well below the long-run average of 7.8 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.