The number of homes hitting the market in Grey Bruce jumped last month.
And the Realtors Association of Grey Bruce Owen Sound says average home prices ticked higher as well to over $658,000.
In all, 239 units sold in April — a slight gain of 2.1 per cent over the same month in 2023.
But supply was the story for the regional real estate market. According to RAGBOS, 549 new residential listings hit the market — the largest number added in April in more than five years. That jump in new homes up for sale also pushed the active listings number up over 1,300 — another five-plus year-high for the month.
“Active listings were 66.4% above the five-year average and 25.2% above the 10-year average for the month of April,” RAGBOS says in a release.
The realtors’ association says the total dollar value of all home sales in April was $157.3-million, a slight two per cent annual decline.
The average price of homes sold was just over $658,000 — essentially in line with April 2023. Month-to-month, it’s 4.5 per cent higher than the average price number the region posted in March ($630,000). The year-to-date average price is $642,940, a slight increase of 2.6 per cent from the first four 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 $564,200, up by 2.3 per cent from April 2023. On a monthly basis, it is slightly higher (1.9 per cent) than the benchmark price the region posted in March ($554,000).
The benchmark price for single family homes was $572,200, an increase of 2.4 per cent cent year-over-year. For townhouse/row units it was $496,100 (a year-over-year increase 4.2 per cent) and for apartments it was $327,600 (4.8 cent annual decrease).
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 5.5 at the end of April. That is above the long-run average of 3.8 months for this time of year.
The Realtors Association of Grey Bruce Owen Sound covers a geographical area that includes Grey and Bruce counties, and part of Wellington County.
