News & Press Releases
Grey Bruce Owen Sound home sales remain at near-record levels in February
Posted On: Thursday, February 11, 2016
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 per cent 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 per cent from the previous February.
The average price of homes sold in February 2016 was $262,279, up 3.2 per cent 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 per cent compared to February 2015.
Active residential listings totalled 1,060 units at the end of February, down 33.2 per cent 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 $42.8 million, up 29.4 per cent on a year-over-year basis. This was a record for the month of February and marked the first time dollar volumes had surpassed $35 million in this month.
The total value of all properties sold in February 2016 was $56.8 million, an increase of 32.4 per cent from a year earlier.
The REALTORS® Association of Grey Bruce Owen Sound represents approximately 360 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.