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Grey Bruce Owen Sound Home Sales Set New Annual Record In 2016

Blog by Michelle Wright | January 17th, 2017

Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound were down 6.1% on a year-over-year basis in December 2016. That said, it was still the second best December on record after December 2015.

Home sales numbered 138 units in December 2016.

On an annual basis, home sales totalled a record 3,030 units, up 16% from the previous record set the year before.

The average price of homes sold in December 2016 was $263,545, up 7.7% year-over-year. The annual average price was $259,284 which was an increase of 5.9% from a year earlier.

New residential listings on the Association's MLS® System numbered 104 units in December 2016. This was a decrease of 27.8% compared to December 2015. New supply has struggled to keep up with strong demand, which has led to historically tight market conditions.

Active residential listings totalled 782 units at the end of December, down 37.2% from the same time last year. This was the lowest level of supply ever recorded.

The number of months of inventory stood at 5.7 at the end of December, down from 8.5 months a year earlier and the lowest level of any December 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 December was $36.4 million, up 1.1% on a year-over-year basis.

Sales of all types of properties numbered 176 units in December 2016, down 2.2% from the previous December. The total value of all properties sold in December 2016 was $50.1 million, an increase of 9.2% from a year earlier.

Source: The REALTORS® Association of Grey Bruce Owen Sound