August 2024 Real Estate Market Update

by Susan Moffat

REALTORS® Association of Grey Bruce Owen Sound MLS® home sales continue to show signs of picking up in August.

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 236 units in August 2024. This was an increase of 7.8% from August 2023.

Home sales were 14.9% below the five-year average and 23.6% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 1,721 units over the first eight months of the year. This was a small reduction of 3.3% 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 $582,200 in August 2024, essentially unchanged, down just 0.2% compared to August 2023.

The benchmark price for single-family homes was $591,200, a slight reduction of 0.3% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $473,200, edging down 0.8% compared to a year earlier, while the benchmark apartment price was $384,500, a gain of 4.9% from year-ago levels.

The average price of homes sold in August 2024 was $645,294, increasing by 4.9% from August 2023. The more comprehensive year-to-date average price was $645,371, a modest gain of 2.1% from the first eight months of 2023. The dollar value of all home sales in August 2024 was $152.3 million, up by 13% from the same month in 2023.

The number of new listings saw an increase of 5.6% from August 2023. There were 471 new residential listings in August 2024. This was the largest number of new listings added in the month of August in more than five years.

New listings were 13.2% above the five-year average and 14.5% above the 10-year average for the month of August.

Active residential listings numbered 1,398 units on the market at the end of August, a sizable gain of 12.3% from the end of August 2023. Active listings haven’t been this high in the month of August in more than five years. Active listings were 39.8% above the five-year average and 11.4% above the 10-year average for the month of August.

Months of inventory numbered 5.9 at the end of August 2024, up from the 5.7 months recorded at the end of August 2023 and above the long-run average of 4.3 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.

Board & Association Information

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.

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! Contact me for a complimentary, no-obligation property valuation!

For more information, contact:

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

519.377.5154

susan.moffat@c21.ca