Grey-Bruce home sales fall, inventory rises in October

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Estate sales in Grey-Bruce for the month of October were much lower than they were a year earlier.

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Sales in Grey-Bruce were down nearly 45% in October compared to the same month in 2021, when the market remained hot, fueled by low interest rates, record inventories and the home buying frenzy in the event of a pandemic. A total of 166 units were sold in Grey-Bruce last month, compared to 301 units in October 2021, according to statistics from the Association of Realtors of Gray Bruce Owen Sound.

October 2022 home sales were more than 41% below the five-year average and more than 40% below the 10-year average for the month. Year-to-date home sales totaled 2,138 units in the first 10 months of the year, down nearly 31% from the same period a year ago.

Prices have fallen in Grey-Bruce, with the average home selling for $606,234, down 6.7% from October 2021, when the average sale price was $657,322. Year-to-date, the average home price remains consistently higher for the first 10 months of 2022 at $701,601, or 9.5% higher than it was for the first 10 months of 2021, when it was $640,909.

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The MLS Home Price Index, which RAGBOS says tracks price trends more accurately than is possible using average or median price measures, pegged the composite benchmark price at $569,100 in October, an increase of 4% compared to October 2021.

The benchmark price for single-family homes was $573,000, up 3.5%, for townhouses and townhouses was $570,400, up 16.1%, and for apartments , of $361,700, up 12% from a year ago.

The dollar value of all homes sold in October was $100.6 million, down 48.4% from October 2021.

New listings soared 28.9% in October after 375 new residential listings came on the market last month, the highest number added for October in a decade, according to RAGBOS, which represents about 450 real estate agents with its member offices in an area that includes Bruce, Gray and part of Wellington counties.

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New listings were 12.4% above the five-year average and 11% above the 10-year average for the month.

There were a total of 994 active residential listings on the market at the end of October, more than double levels from a year ago, a jump of more than 114%. Registrations haven’t been this high for the month in five years. They were 32% above the five-year average and 19.3% below the 10-year average for the month.

There was a total of six months of inventory at the end of October, compared to 1.5 months at the end of October 2021, when inventory was at its lowest since October in three decades. The long-term average for the month is 4.9 months.

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