It was a slow month for home sales in Grey Bruce in June.
The Realtors Association of Grey Bruce Owen Sound says 242 units sold last month, a substantial decline of 18 per cent from June 2023. The sales activity number was also more than 22 per cent below the five-year average for the month, and 27.2 per cent below the 10-year trend.
Prices slipped as well. The realtors’ association says the average price of homes sold was just over $646,000. That’s 4.2 per cent annual decline, and month-to-month it’s a two per cent drop from the number the region posted in May ($659,000).
The more comprehensive year-to-date average price was $647,394, a minor increase of one per cent from the first six 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 $577,300, essentially unchanged (0.9%) from June 2023. On a monthly basis, it is also largely in line with the benchmark price the region posted in May 2024.($579,000).
The benchmark price for single family homes was $586,600, an increase of one per cent cent year-over-year. For townhouse/row units it was $469,500 (a year-over-year increase of 0.8 per cent) and for apartments it was $367,700 (3.2 per cent annual decrease).
The total dollar value of all home sales in June was $156.4-million, a drop of more than 21 per cent from the same month in 2023.
There continues to be ample supply on the regional housing market. RAGBOS says there were 1,595 active listings at the end of June, the most for the month in more than five years.
This despite new listings slowing. Five-hundred and 64 residential units hit the market last month, a decline of 6.4 per cent year-over-year and essentially in line with the longer-run averages.
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 6.6 at the end of June. That is above the long-run average of 4.1 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.
