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June was a solid month for home sales in Bruce and Grey counties.
The Realtors Association of Grey Bruce Owen Sound says 291 homes sold, an increase of 22.8 per cent over June 2022. However, the sales activity number was 8.8 per cent below the five-year average for the month, and 13 per cent under the longer-term, 10-year average.
The realtors association’ says the total dollar value of all home sales in June was $198.4-million, an increase of 21.5 per cent from the same month in 2022.
Average home price in Grey Bruce was just over $681,000 — a minor year-over-year decline of one per cent. Month-to-month, it’s an increase of about 4.6 per cent from May 2023 when the average price was $651,000.
The more comprehensive year-to-date average price was $644,360, a decline of 12.3 per cent from the first six 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 $567,600 in June, a decline of 11.3 per cent from the same month last year. It is about 2.2 per cent higher than the benchmark price of $555,300 the region posted in May.
The benchmark price for single family homes in Grey Bruce was $574,700, a decrease of 11.2 per cent year-over-year. For townhouse/row units in June it was $498,700 (a year-over-year decrease of 16.6 per cent) and for apartments it was $349,200 (4.7 per cent annual decrease).
The amount of new listings hitting the regional housing market in June was above the longer-run averages for the month. Five-hundred and eighty-six houses hit the market. That is eight per cent higher than the five-year average, and 5.4 per cent above the 10-year.
The realtors’ association says there were 1,179 active residential listings at the end of June, more than 24.5 per cent higher than last year and at their highest level in more than five years for the month. That is more than 26.5 per cent above the five-year average for June in the region, but actually 15.8 per cent below the longer-run, 10-year average.
One metric indicates the pace of Grey Bruce’s housing market is moving in line with the longer term trend for this time of year. RAGBOS says months of inventory numbered 4.1 at the end of June. That is slightly below the long-run average of 4.3 months for this time of year, and largely in line with four months recorded in June 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.