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Grey-Bruce Owen Sound Home Sales Smash Previous October Record


Blog by Michelle Wright | November 30th, 2016


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

Home sales numbered 277 units in October 2016. This was a new record for the month, beating the previous October record set in 2009 by 24.8% It was an increase of 28.2% from last October.

On a year-to-date basis, home sales totalled 2,692 units, running 18.9% ahead of the first 10 months of 2015. With just two months to go this year, 2016 has already officially set a new annual sales record.

The average price of homes sold in October 2016 was $262,281, up 7.3% on a year-over-year basis. On a year-to-date basis, the average price of all home sales over the first 10 months of 2016 was $259,187, rising 6.4%.

New residential listings on the Association's MLS® System number 265 units in October 2016. This was a decrease of 16.1% compared to October 2015. New supply has struggled to keep up with strong demand, which has led to historically tight market conditions.

Active residential listings totalled 1,129 units at the end of October, down 39.5% from the same time last year. This was the lowest level for this time of year in over a decade.

The number of months of inventory stood at 4.1% at the end of October, less than half the 8.6 months recorded at the end of October 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 October was $72.7 million, up 37.6% on a year-over-year basis.

Sales of all types of properties numbered 354 units in October 2016, up 28.7% from the previous October. The total value of all properties sold in October 2016 was $98.1 million, an increase of 46.2% from a year earlier.