Residential sales activity in Grey Bruce Owen Sound slowed in the first quarter of 2024 compared to the first quarter of 2023.
Residential property sales numbered 465 units in the first quarter of 2024, down 6.1 per cent compared to the same quarter in 2023. Single detached home sales slowed 8.5 per cent in the first quarter of 2024.
The Realtors Association of Grey Bruce Owen Sound reported that on a year-over-year basis, home sales were down 12.1 per cent in March, compared to the same month in 2023, with 197 units changing hands last month through the Multiple Listing Service.
Home sales were 21.6 per cent below the five-year average and 19.4 per cent below the 10-year average for the month of March.
The year-to-date average price was $634,506, increasing by 3.8 per cent from the first three months of 2023. The MLS Home Price Index composite benchmark price was $554,000 in March 2024, a modest gain of 2 per cent compared to March 2023.
The number of new listings was up by 29.9 per cent from March 2023. There were 539 new residential listings in March 2024. This was the largest number of new listings added in the month of March in more than five years.
Active residential listings numbered 1,147 units on the market at the end of March, a substantial increase of 32.8 per cent from the end of March 2023. Active listings haven’t been this high in the month of March in more than five years.