News & Press Releases
Grey Bruce Owen Sound home sales reach new all-time record
Posted On: Tuesday, June 7, 2016
Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound reached the highest level on record in May 2016..
Home sales numbered a record 332 units in May 2016, rising 11.8 per cent on a year-over-year basis.
On a year-to-date basis home sales were running 17 per cent ahead of the first five months of 2015. This was a record for the period and marked just the second time sales had ever surpassed 1,000 in the first five months of any year. The last time was back in 2002.
Sales of all types of properties numbered 411 units in May 2016, up 14.5 per cent from the previous May.
The average price of homes sold in May 2016 was $251,596, edging down 1.7 per cent on a year-over-year basis. On a year-to-date basis the average price of home sales in the first five months of 2016 was $253,215, rising 3.8 per cent.
New residential listings on the Association’s MLS® System numbered 664 units in May 2016. This was a decrease of 14 per cent compared to May 2015.
Active residential listings totalled 1,689 units at the end of May, down 30.4 per cent from the same time last year.
The number of months of inventory stood at 5.1 at the end of May, down from 8.2 months at the end of May 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 May was $83.5 million, up 9.9 per cent on a year-over-year basis. This was the highest level of any month on record and marked the first time volumes ever surpassed $80 million.
The total value of all properties sold in May 2016 was $104 million, an increase of 8.9 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.