There was a considerable drop in the number of homes sold in Grey and Bruce counties last month.
According to figures released by the Realtors Association of Grey Bruce Owen Sound, 207 homes changed hands in August. That represents a decrease of 35.7% when compared to August 2021. And while the price for single family homes increased slightly, prices for town houses and condos spiked.
"The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures," a statement from the association said. "The overall MLS HPI composite benchmark price was $587,000 in August 2022, a gain of 7.5% compared to August 2021."
It added the benchmark price for single-family homes was $589,900, up by 6.6% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $616,900, an increase of 28.2% compared to a year earlier. The benchmark apartment price was $364,500, a sizable gain of 27% from year-ago levels.
The average price of homes sold in August 2022 was $632,546, a modest decline of 1.9% from August 2021. The more comprehensive year-to-date average price was $715,241, up by 13.1% from the first eight months of 2021.
The number of new listings saw a small gain of 3.3% (12 listings) from August 2021. There were 377 new residential listings in August 2022. New listings were 2.1% below the five-year average and 8% below the 10-year average for the month of August.
