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Published Aug 16, 2023 • Last updated 54 minutes ago • 3 minute read
Home sales in Grey-Bruce rebounded by nearly 70 per cent in July compared to 2022 though continue to be below five and ten year averages as prices continued to decline year-over-year.
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Home sales in Grey-Bruce rebounded by nearly 70 per cent in July year-over-year.
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According to monthly statistics reported by the REALTORS Association of Grey Bruce Owen Sound (RAGBOS), 241 units were sold in July marking a substantial increase of 69.7 per cent from July 2022, though home sales were 17.6 per cent below the five-year average and 20.4 per cent below the 10-year average.
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“I believe that the big rebound is due to price. Prices have adjusted since 2022 and there have been many buyers who have been wanting to get into the market, and are now able to do just that if they’re finding a home within their budget.
Prices are overall still adjusting and with that trend, it allows more buyers who previously were outpriced to come back to house hunt,” said RAGBOS President Barbara Dirckx. “Many buyers were weary of constantly having to compete with multiple offers and decided to wait it out and I believe that is why we saw a substantial uptick during the month of July over this same time last year.”
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The dollar value of all home sales in July 2023 was $145.9 million, up sharply by 60.4 per cent from the same month in 2022.
Overall so far in 2023 home sales in the region total 1,550 units, which is a two per cent reduction from the same period in 2022.
Using the MLS Home Price Index, which is said by REALTORS to be a more accurate measure of price trends than median price measures, the composite benchmark home price in July was $572,200 – – falling 7.6 per cent compared to July 2022.
The benchmark price for single-family homes was $579,600, a decline of 7.3 per cent on a year-over-year basis in July. By comparison, the benchmark price for townhouse and row units was $506,000, down sharply by 13.8 per cent compared to a year earlier, while the benchmark apartment price was $354,700, a minor decrease of 1.9 per cent from year-ago levels.
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The average price of homes sold in July 2023 was $605,239, decreasing by 5.5 per cent from July 2022.
The more comprehensive year-to-date average price was $637,599, a sharp decrease of 12.2 per cent from the first seven months of 2022.
“The New First Home Savings Account has helped, however, we’re mostly seeing those in the market who are either relocating, downsizing or rightsizing, and investing. Of course, there are still those grants and incentives out there where first-time buyers could come up with five per cent of a property’s value and that definitely helps those wanting to be first-time homeowners,” Dirckx said.
There were 412 new residential listings in July, a seven per cent decrease from July 2022.
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New listings were 4.2 per cent below the five-year average and 10.9 per cent below the 10-year average for the month of July.
Active residential listings numbered 1,170 units on the market at the end of July, a moderate gain of 7.5 per cent from the end of July 2022.
Active listings were 22.3 per cent above the five-year average and 18.1 per cent below the 10-year average for the month of July.
Months of inventory numbered 4.9 at the end of July 2023, down from the 7.7 months recorded at the end of July 2022 and below the long-run average of 5.1 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 represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.
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