Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound came in well above year-ago levels in February 2016.
Home sales numbered 163 units in February 2016, up 25.4% from February 2015. This was the second highest February on record - one sale behind February 2006.
Sales of all types of properties numbered 208 units in February 2016, up 30.8% from the previous February.
The average price of homes sold in February 2016 was $262,279, up 3.2% on a year-over-year basis. This was the highest monthly average price ever recorded.
New residential listings on the Association's MLS® System numbered 267 units in February 2016. This was an increase of 0.8% compared to February 2015.
Active residential listings totalled 1,060 units at the end of February, down 33.2% from the same time last year. Inventories have dropped sharply in recent months.
The number of months of inventory stood at 6.5 at the end of February, well down from 12.2 months at the end of February 2015 and 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 February was $42.8million, up 29.4% on a year-over-year basis. This was a record for the month of February and marked the first time dollar volumes had surpassed $35million in this month.
The total value of all properties sold in February 2016 was $56.8million, an increase of 32.4% from a year earlier.
Source: RAGBOS (REALTORS Association of Grey-Bruce Owen Sound), April 1, 2016
What this means?
There are not a lot of homes for sale right now, but lots of buyers. This can be called a "Sellers Market," and is a significant contributing factor to the higher sale prices. Time on the market is HALF of what it usually is, on average.
For stats in your particular area, please drop me a line at info@michellewright.ca, I'm happy to provide more specific data pertaining to your neighbourhood. If you are thinking of selling, there is no better time than now! Please call me for a complimentary comparative market analysis of your home.
Home sales numbered 163 units in February 2016, up 25.4% from February 2015. This was the second highest February on record - one sale behind February 2006.
Sales of all types of properties numbered 208 units in February 2016, up 30.8% from the previous February.
The average price of homes sold in February 2016 was $262,279, up 3.2% on a year-over-year basis. This was the highest monthly average price ever recorded.
New residential listings on the Association's MLS® System numbered 267 units in February 2016. This was an increase of 0.8% compared to February 2015.
Active residential listings totalled 1,060 units at the end of February, down 33.2% from the same time last year. Inventories have dropped sharply in recent months.
The number of months of inventory stood at 6.5 at the end of February, well down from 12.2 months at the end of February 2015 and 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 February was $42.8million, up 29.4% on a year-over-year basis. This was a record for the month of February and marked the first time dollar volumes had surpassed $35million in this month.
The total value of all properties sold in February 2016 was $56.8million, an increase of 32.4% from a year earlier.
Source: RAGBOS (REALTORS Association of Grey-Bruce Owen Sound), April 1, 2016
What this means?
There are not a lot of homes for sale right now, but lots of buyers. This can be called a "Sellers Market," and is a significant contributing factor to the higher sale prices. Time on the market is HALF of what it usually is, on average.
For stats in your particular area, please drop me a line at info@michellewright.ca, I'm happy to provide more specific data pertaining to your neighbourhood. If you are thinking of selling, there is no better time than now! Please call me for a complimentary comparative market analysis of your home.