Near record low inventory slows home sales in Grey Bruce

Home sales in Grey Bruce Owen Sound fell below-average in March due to an ongoing supply shortage.

REALTORS Association of Grey Bruce Owen Sound recorded 172 residential sales in March 2019, down 11.3 per cent from a year earlier.

On a year-to-date basis, home sales totalled 422 units over the first three months of the year, down a similar 10% from the same period in 2018.

The average price of homes sold in March 2019 was $353,235, up 5.3 per cent from March 2018.

The more comprehensive year-to-date average price was $353,681, rising 7.6 per cent from the first three months of 2018.

New residential listings in the region numbered 308 units in March 2019, falling 21.8 per cent on a year-over-year basis. The last time the supply of new listings was lower in the month of March was 1993. Overall supply also stands near record lows. Active residential listings numbered 699 units at the end of March, down 2.2 per cent from the end of March 2018. You have to go back to 1989 to find a lower reading.

Months of inventory numbered 4.1 at the end of March 2019, up a bit from the 3.7 months recorded at the end of March 2018 but still less than half the long-run average of 9.8 months for this time of 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 March 2019 was $60.8 million, down 6.7 per cent from the same month in 2018.

Sales of all property types numbered 234 units in March 2019, down 9.7 per cent from March 2018. The total value of all properties sold was $81.4 million, up 6.8 per cent from March 2018.

 

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