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Grey Bruce Owen Sound Home Sales Running Just Off Record Pace In July

Blog by Michelle Wright | August 8th, 2016

Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey-Bruce Owen Sound posted a double-digit year-over-year gain in July 2016.

Home sales numbered 297 units in July 2016, rising 13.4% on a year-over-year basis. This marked the 3rd best month of July on record after 2003 and 2007. 

On a year-to-date basis, home sales totalled 1,729 units, running 14.8% ahead of the first 7 months of 2015. This was a record for the period.

The average price of homes sold in July 2016 was a record $263,380, up 9.5% on a year-over-year basis. On a year-to-date basis the average price of home sales in the first 7 months of 2016 was $257,081, rising 4.6%.

New residential listings on the Association's MLS® System numbered 412 units in July 2016. This was a decrease of 18.4% compared to July 2015.

Active residential listings totalled 1,644 units at the end of July, down 35.7% from the same time last year.

The number of months of inventory stood at 5.5 at the end of July, down from 9.8 months at the end of July 2015 and well below the long-run average for this time of the year. 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 July was $78.2 million, up 24.1% on a year-over-year basis.

Sales of all types of properties numbered 358 units in July 2016, up 14.4% from the previous July. The total value of all properties sold in July 2016 was $93.6 million, an increase of 23.9% from a year earlier.

Source: REALTORS® Association of Grey Bruce Owen Sound