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Grey-Bruce Owen Sound Home Sales Set New All-Time Record in August

Blog by Michelle Wright | September 9th, 2016

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

Home sales numbered 358 units in August 2016, rising 36.6% on a year-over-year basis. This marked the first time that sales in any month have ever surpassed the 350 mark.

On a year-to-date basis, home sales totalled 2,087 units, running 18% ahead of the first eight months of 2015. 2016 is easily on pace to be the best year ever for home sales in the region.

The average price of homes sold in August 2016 was a record $266,804, up 9.4% on a year-over-year basis. On a year-to-date basis the average price of home sales in the first eight months of 2016 was $258,749, rising 5.4%.

New residential listings on the Association's MLS® System numbered 363 units in August 2016. This was a decrease of 17.5% compared to August 2015.

Active residential listings totalled 1,491 units at the end of August, down 40.2% from the same time last year. This was the lowest level for end-of-August active listings since 2007.

The number of months of inventory stood at 4.2 at the end of August, down from 9.5 months at the end of August 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 a ll home sales in August was $95.5 million, up 49.5% on a year-over-year basis.

Sales of all types of properties numbered 449 units in August 2016, up 38.2% from the previous August. The total value of all properties sold in August 2016 was $120.7 million, an increase of 57.5% from a year earlier.

Source: The REALTORS® Association of Grey-Bruce Owen Sound