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July was a steady month for home sales in Grey Bruce, even as supply on the market remained near its highest level in years.
The Realtors Association of Grey Bruce Owen Sound says 262 units sold last month, an increase of 9.2 per cent from July 2023. But the sales activity number was still below the longer-term trends for the month (7.4 per cent below the five-year average, and 13.8 per cent below the 10-year average).
Prices held fairly steady. The realtors’ association says the average price of homes sold was just over $638,000. That’s 6.8 per cent annual increase, and month-to-month it’s about a 1.3 per cent drop from the number the region posted in June ($646,000).
The more comprehensive year-to-date average price was $645,807, a minor increase of 1.8 per cent from the first seven 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 last month was $586,400, up slightly (1.6%) from July 2023. On a monthly basis, it is largely in line with the benchmark price the region posted in June 2024. ($577,300).
The benchmark price for single family homes was $596,000, an increase of 1.7 per cent cent year-over-year. For townhouse/row units it was $471,700 (a year-over-year decline of 0.2 per cent) and for apartments it was $377,200 (0.5 per cent annual decrease).
The total dollar value of all home sales in July was $167.4-million, a gain of more than 16 per cent from the same month in 2023.
Ample supply continues to be a story of the regional housing market. RAGBOS says there were 1,567 active listings at the end of July, the most for the month in more than five years.
This as more than 500 new listings hit the market last month. Again, the largest number for July 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 six at the end of July. That is above the long-run average of 4.7 months for this time of year. The number of months of inventory is the number of months 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.