Home sales in Bruce and Grey counties cooled off in October, although supply on the market remained tight.
The Realtors Association of Grey Bruce Owen Sound says 301 homes sold last month, a substantial decline of 21 per cent from October 2020.
Average home prices in Grey Bruce in October were just over $657,000, a decline from September when they topped $703,000. The year-over-year increase for average home prices in October 2021 was still up more than 26 per cent over the same month last year.
The realtors’ association says the comprehensive year-to-date average price in the region sits at just over $640,900 for the first 10 months of 2021 — more than 31.4 per cent higher than the same period in 2020.
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 $526,600 in October 2021, an increase of 32 per cent over the same month last year. It is also slightly higher than the composite benchmark price of $523,900 the region posted in September 2021.
The benchmark price for single family homes in Grey Bruce was $527,800, surging 31.8 per cent higher year-over-year. The composite benchmark price for townhouse/row units in October was $448,100 (a year-over-year increase of 38.4%) and for apartments it was $369,400 (31.4% increase).
The realtors association’ says the total dollar value of all home sales in October was $197.9-million, a slight 0.4 per cent decline from the same month in 2020.
RAGBOS explains active listings at the end of October are at the lowest levels for the month in more than three decades, with only 452 residential units available for sale. Only 291 new listings hit the market in October, the lowest number for the month in more than 15 years.
One metric indicates Grey Bruce’s housing market continues to move at a quick pace. RAGBOS says months of inventory numbered 1.5 at the end of October, well below the long-run average of 5.2 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.