October 2024 Real Estate Market Update

MLS® home sales continue to surge for second straight month in October 2024.

The number of homes sold in Grey Bruce and Owen Sound via the MLS® System of the OnePoint Association of REALTORS® totaled 238 units in October 2024. This was up sharply by 32.2% from October 2023.

Home sales were 7.1% below the five-year average and 13.3% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 2,224 units over the first 10 months of the year. This was a minor increase of 3.5% from the same period in 2023.

“Sales activity 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,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “New listings are still coming on strong, with October posted almost the highest level for this month on record. 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.”

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 $571,000 in October 2024, essentially unchanged, down just 0.6% compared to October 2023.

The benchmark price for single-family homes was $579,600, a slight reduction of 0.6% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $477,100, edging down 0.1% compared to a year earlier, while the benchmark apartment price was $376,300, a modest gain of 3.4% from year-ago levels.

The average price of homes sold in October 2024 was $642,622, a slight reduction of 0.9% from October 2023. The more comprehensive year-to-date average price was $644,703, increasing by 1.4% from the first 10 months of 2023. The dollar value of all home sales in October 2024 was $152.9 million, an advance of 31% from the same month in 2023.

The number of new listings was up by 10% 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% above the five-year average and 21.9% above the 10-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% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years. Active listings were 49.5% above the five-year average and 29.3% above the 10-year average for the month of October.

Months of inventory numbered 5.8 at the end of October 2024, down from the 6.7 months recorded at the end of October 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

OnePoint Association of REALTORS® 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.

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