This small Ontario market just set another price record

by Steve Randall19 Jun 2018

Home sales in the 106,000-population region of Grey Bruce Owen Sound and Wellington were down in May from their record-breaking performance last year but the market remained solid.

Sales of 339 units is 20.2% lower than May 2017 but beat almost every other May on record. Year-to-date sales were 18.8% down year-over-year at 1,128.

Meanwhile, there was a new record for average prices of homes sold in May with a 9.1% rise year-over-year to $350,834. The year-to-date average price was $343,295, rising a similar 10% from the first five months of 2017.

The figures from the Realtors Association of Grey Bruce Owen Sound also reveal a decrease in new listings of 11.2% on a year-over-year basis and a nine-year low for the month of May.

Inventory is just 2.7 months with a record-low 902 units at the end of May, down 16.3% from May 2017.

The dollar value of all home sales in May 2018 was $118.9 million, decreasing by 12.9% from the record for the month seen in 2017.

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