Home sales are seeing a major comeback in midwestern Ontario.
The MLS System of the OnePoint Association of Realtors registered 238 home sales in Grey, Bruce, and Owen Sound in October, an increase of 32.2 per cent from the same Month in 2023. Also, 191 units changed hands in Huron Perth in October 2024, which was a jump of 44.7 per cent.
OnePoint Association of Realtors is an amalgamation of several local real estate associations. It serves as a unified body representing almost 3,000 real estate professionals across the regions of Huron, Perth, Grey, Bruce, Wellington, Georgian Bay, Simcoe, Parry Sound, Haliburton, and Muskoka.
President of the OnePoint Association of Realtors Bonnie Looby said sales activity roared back to life in Huron Perth in October, surpassing expectations of a mild continued recovery.
She added Huron Perth sales not only exceeded average levels for this time of year but also notched the fifth best October in history.
“Sellers have taken note of the return of buyers to the market and listed their homes at the most aggressive pace of any October on record," Looby explained. "With demand surging as much as it did, the monthly balance of inventories has taken a step downward, although one month on its own does not make a trend. We’ll be monitoring the situation through the remainder of the year to see if buyers continue to return in greater numbers and how sellers respond if they do."
Looby pointed out that sales activity in Grey, Bruce, and Owen Sound kept up the increased momentum in October after surging in September, with sales now almost back on par with typical levels for this time of year.
“New listings are still coming on strong, with October posted almost the highest level for this month on record," she continued. "With demand having recovered as much as it has in the past two months, inventory levels are now trending sideways, and the market is firmly back in balanced territory. We expect similar trends to play out over the remainder of the year and will be keeping a close eye on the Bank of Canada’s next rate announcement in December.”
In Bruce, Grey, and Owen Sound, the number of new listings was up by ten per cent from October 2023. There were 428 new residential listings in October 2024. This was the largest number of new listings added in the month of October in more than three decades.
New listings were 16.9 per cent above the five-year average and 21.9 per cent above the ten-year average for the month of October.
Active residential listings numbered 1,374 units on the market at the end of October, an increase of 13.2 per cent from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.
The number of new listings in Huron Perth saw a sizable gain of 14.5 per cent from October 2023. There were 308 new residential listings in October 2024. This was also the largest number of new listings added in the month of October in history. New listings were 26.4 per cent above the five-year average and 41.3 per cent above the ten-year average for the month of October. Active residential listings numbered 795 units on the market at the end of October, increasing by 21 per cent from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.
The MLS Home Price Index composite benchmark price was $584,400 in Huron Perth in October 2024, a gain of 4.3 per cent compared to October 2023.
The benchmark price in Grey, Bruce, and Owen Sound was $571,000 in October 2024, down just 0.6 per cent compared to October 2023.