May was a sluggish month for home sales in Grey Bruce.
The Realtors Association of Grey Bruce Owen Sound says 276 units sold last month, a decline of 8.6 per cent from May 2023. The sales activity number was also four per cent below the five-year average for May, and 16.1 per cent below the 10-year trend.
The total dollar value of all home sales in May was $182.1-million, a decline of 6.8 per cent from the same month in 2023.
But prices held steady. The realtors’ association says the average price of homes sold was just over $659,000. That’s a two per cent annual increase, and month-to-month it’s essentially in line with the number the region posted in April 2024 ($658,000).
The more comprehensive year-to-date average price was $647,872, up modestly by 2.5% from the first five 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 $570,900, up by 1.9 per cent from May 2023. On a monthly basis, it is slightly higher (1.2 per cent) than the benchmark price the region posted in April ($564,200).
The benchmark price for single family homes was $580,500, an increase of 2.1 per cent cent year-over-year. For townhouse/row units it was $457,800 (a year-over-year decline of 0.5 per cent) and for apartments it was $360,200 (0.4 per cent annual decrease).
Supply continues to be a major story of the regional real estate market. RAGBOS says there were 685 new listings last month, the most for the month of May in more than five years. Active listings (1,510) at the end of May were also at their highest level for the month in more than five years, and more than 23 per cent above the 10-year average.
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 May. 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.
