With the first quarter of 2022 behind us, it’s time to look back at what happened in the Real Estate market in Grey County. Here’s an in-depth look at how the first part of this year compares to the start of 2021, and what that might mean as we move into the Spring Market.
You can contact us through any of our social media platforms for more information. Check out our 3D Virtual Tours and extensive photo galleries to view our properties safely and successfully. Click here to check out all of our Featured Listings.
Grey County Market Update
In Grey County, 538 homes were listed for sale from the beginning of January through the end of March 2022, down 8% from 586 new listings in the first part of 2021.
Despite the market being off to a slightly slower start than last year, there was one statistic that showed a big increase – the average sale price. In Grey County, the average sale price of a residential listing increased by 30%, from just below $750,000 in 2021 to over $970,000 in the first quarter of 2022, more than $220,000.
The number of sales was a little lower than last year as well, by 5%. The 424 homes that sold were on the market for an average of 31 days, 6 days longer than it took to sell a home in the same period in 2021.
Our Local Communities Market Stats
In the Municipality of Grey Highlands, the number of new residential listings grew by 22% this quarter, from 23 to 28. 65 homes were sold in the first part of 2021, compared with 31 in 2022, a drop of 52%. The average sale price of a home gained 17% in Q1, reaching just under $900,000 in the first quarter of 2022.
25 new listings were added to the residential market in the Municipality of West Grey in the first 3 months of 2022, up 19% over the same time last year. 48 homes sold in the first quarter this year, 25% fewer than last year. The average home sale price in West Grey saw 16% growth, to $875,000. This is about $120,000 higher than 2021’s first quarter average.
The Municipality of Chatsworth often shows the most stability of the 5 market areas we track, and this was true for listing and sales numbers in the first quarter of 2022. There were 7% more listings and 7% fewer sales in the first three months of this year compared to the same time in 2021. An increase of 35% in the average home sale price brought this quarter’s average to almost $950,000, up more than $240,000 over last year.
Residential listings in the Municipality of Meaford increased by 12% in Q1, but the number of sales fell sharply, by 47%, compared to the first part of 2021. Sale prices were about the same this year as last, dipping a very slight 2% to an average of $875,000 for this quarter.
Town of the Blue Mountains
Even the Municipality of the Town of The Blue Mountains, which has been a real hot-spot for local Real Estate, is not immune to the market changes in the first part of 2022. While the already high average sale price has climbed 53% higher, to more than 1.5 million dollars in Q1, the numbers of both listings and sales have fallen. Compared with 2021, new residential listings were off by 22% this year, and the number of property sales fell by 45%.
Generally speaking, the number of sales year over year were down, the number of listings were up, and sale prices continued to rise.
SIGN UP & RECEIVE THE MARKET REPORT EACH MONTH – SENT STRAIGHT TO YOU!