November 2024 Real Estate Market Update

OnePoint Association of REALTORS® – Grey Bruce and Owen Sound MLS® home sales rocket up to above-average levels in November.

The number of homes sold in Grey Bruce and Owen Sound via the MLS® System of the OnePoint Association of REALTORS® totaled 228 units in November 2024. This was an advance of 43.4% from November 2023. Home sales were 10.1% above the five-year average and 4.7% above the 10-year average for the month of November. On a year-to-date basis, home sales totaled 2,452 units over the first 11 months of the year. This was up by 6.1% from the same period in 2023.

“Sales activity shot up in November with an unexpected strength, putting us back above typical levels for this time of year,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “With interest rates gradually winding down we knew that buyers would come back to the market, but we weren’t anticipating this kind of rush so soon. There could be a sense of FOMO among younger first-timers, or keen buyers who are trying to get in before the combination of mortgage regulation changes and further interest rate cuts spur even more competition for demand. In any case, our market is looking very active as we head into what is usually a quieter time of year.”

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 $563,900 in November 2024, down only 0.2% compared to November 2023.

The benchmark price for single-family homes was $572,100, nearly unchanged, down only 0.2% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $479,900, a minor decrease of 2.9% compared to a year earlier, while the benchmark apartment price was $370,400, a slight gain of 0.9% from year-ago levels.

The average price of homes sold in November 2024 was $668,026, a minor increase of 1.4% from November 2023. The more comprehensive year-to-date average price was $646,786, a small gain of 1.5% from the first 11 months of 2023. The dollar value of all home sales in November 2024 was $152.3 million, a substantial gain of 45.3% from the same month in 2023.

The number of new listings saw a modest gain of 3.1% (10 listings) from November 2023. There were 334 new residential listings in November 2024. This was the largest number of new listings added in the month of November in more than a decade. New listings were 15.7% above the five-year average and 28.7% above the 10-year average for the month of November.

Active residential listings numbered 1,168 units on the market at the end of November, up modestly by 3.7% from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years. Active listings were 43.2% above the five-year average and 27.3% above the 10-year average for the month of November.

Months of inventory numbered 5.1 at the end of November 2024, down from the 7.1 months recorded at the end of November 2023 and above the long-run average of 4.5 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