April 2024 Real Estate Market Update

REALTORS® Association of Grey Bruce Owen Sound MLS® new listings continue to outpace sales, driving inventories higher.

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 239 units in April 2024. This was a small gain of 2.1% (five sales) from April 2023. Home sales were 6.3% below the five-year average and 18.3% below the 10-year average for the month of April.

The average price of homes sold in April 2024 was $658,132, down only 0.1% from April 2023.

On a year-to-date basis, home sales totaled 704 units over the first four months of the year. This decreased by 3.4% from the same period in 2023. The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $564,200 in April 2024, up modestly by 2.3% compared to April 2023.

The benchmark price for single family homes was $572,200, a minor increase of 2.4% on a year over-year basis in April. By comparison, the benchmark price for townhouse/row units was $496,100, a moderate gain of 4.2% compared to a year earlier, while the benchmark apartment price was $327,600, falling by 4.8% from year-ago levels.

The more comprehensive year-to-date average price was $642,940, up modestly by 2.6% from the first four months of 2023.

The dollar value of all home sales in April 2024 was $157.3 million, a minor increase of 2% from the same month in 2023.

The number of new listings saw a sizable gain of 24.8% from April 2023. There were 549 new residential listings in April 2024. This was the largest number of new listings added in the month of April in more than five years. New listings were 28.2% above the five-year average and 12.2% above the 10- year average for the month of April.

Active residential listings numbered 1,318 units on the market at the end of April, a substantial gain of 35.9% from the end of April 2023. Active listings haven’t been this high in the month of April in more than five years.

Active listings were 66.4% above the five-year average and 25.2% above the 10- year average for the month of April.

Months of inventory numbered 5.5 at the end of April 2024, up from the 4.1 months recorded at the end of April 2023 and above the long-run average of 3.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

(1) Sales / new listings * 100; compared to levels from previous periods. (2) Active listings at month end / monthly sales; compared to levels from previous periods. (3) Sale price / list price * 100; average for all homes sold in the current month.

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Wondering how these numbers might impact your real estate plans? Whether you’re buying, selling, or just curious about market trends, I’ve got you covered! Let’s navigate the market together! Call today for a complimentary property valuation.

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage

519.377.5154

susan.moffat@c21.ca