Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey-Bruce Owen Sound jumped 26.3% on a year-over-year basis in March 2017. Home sales numbered 269 units in March - a new record for the month.
On a year-to-date basis, home sales totalled 534 units over the first three months of the year. This was a record first quarter, up 7.7% from the same period in 2016.
The average price of homes sold in March 2017 was a record $295,833, up 15.6% year-over-year.
New residential listings on the Association's MLS® System numbered 388 units in March 2017. This was a decrease of 9.3% compared to March 2016 and marked the lowest level for the month of March in more than three decades.
Active residential listings totalled 712 units at the end of March, down 41.4% from the same time last year. This was the lowest level of overall supply since the late 1980s.
The number of months of inventory stood at just 2.6 at the end of March, down from 5.7 months a year earlier and the lowest level of any March on record. 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.
The dollar value of all home sales in March was $79.6 million, jumping 46% on a year-over-year basis. This was a new record for the month.
Sales of all types of properties numbered 352 units in March 2017, up 31.3% from the previous March. The total value of all properties sold in March 2017 was $100.3 million, rising 39.6% from a year earlier.
Source: REALTORS® Association of Grey-Bruce Owen Sound