REALTORS® Association of Grey Bruce Owen Sound MLS® home sales decline to lowest July reading since 1994
The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 148 units in July 2022. This was a substantial decline of 52.7% from July 2021.
Home sales were 50.9% below the five-year average and 51.6% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 1,583 units over the first seven months of the year. This was a large decline of 26.3% from the same period in 2021.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $609,100 in July 2022, a sizable gain of 12.8% compared to July 2021.
The benchmark price for single-family homes was $614,300, increasing by 12.2% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $586,800, a gain of 25% compared to a year earlier, while the benchmark apartment price was $365,500, up sharply by 36.6% from year-ago levels.
The average price of homes sold in July 2022 was $646,066, increasing by 5.3% from July 2021.
The more comprehensive year-to-date average price was $726,526, a gain of 15.2% from the first seven months of 2021.
The dollar value of all home sales in July 2022 was $95.6 million, down sharply by 50.2% from the same month in 2021.
The number of new listings saw an increase of 14.4% from July 2021. There were 446 new residential listings in July 2022.
New listings were 5.2% above the five-year average and 6.2% below the 10-year average for the month of July.
Active residential listings numbered 1,070 units on the market at the end of July, a jump of 78% from the end of July 2021.
Active listings were 16.3% above the five-year average and 32.5% below the 10-year average for the month of July.
Months of inventory numbered 7.2 at the end of July 2022, up from the 1.9 months recorded at the end of July 2021 and above the long-run average of 5.6 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.
Board & Association Information
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.
REALTORS® ASSOCIATION OF GREY BRUCE OWEN SOUND
For more information,
please contact: (519) 364-3827