Both the Huron Perth Association of Realtors (HPAR) and the Realtors Association of Grey Bruce Owen Sound (RAGBOS) had a strong May, selling more houses than the previous month.
The RAGBOS sold 301 units in May 2023, a gain of 14 per cent from May of the previous year. It was also an uptick of 64 units after selling 237 in April. The average price of homes sold last month was $651,698 and there were 576 new residential listings.
The HPAR sold 239 units in May 2023, a gain of 12.7 per cent from the same month in the previous year. That marked a jump of 68 from April when they sold 171 units. The average price of homes sold in May 2023 was $659,062 and there were 385 new residential listings.
“Home sales recorded a massive spike in May, rising to the second-best level for this month on record and boosted by a long-awaited resurgence in new listings,” said Bob Heimpel, president of the HPAR. “Now that sellers are finally getting their properties back on the market in force, buyers that were previously sidelined due to a lack of choice or being priced out in multiple offer situations are able to find their next home. Demand is still outpacing supply, as even the strong lift in new listings did not prevent the overall stock of inventories from dropping again in May."
Both associations also reported drops in the MLS Home Price Index composite benchmark price of over 15 per cent compared to May of the previous year. However it should be noted that late 2021 and early 2022 saw the largest residential prices in the region on record. When compared to April, the composite benchmark price increased around 2.5 per cent in Grey Bruce Owen Sound and over 4 per cent for Huron Perth.
