April is a time of flux; surprise snow flurries compete with the sunshine as winter fades and lawns start to green. Thoughts of the family cottage start to niggle in the back of our minds and the promise of summer fun is renewed for another year. Things are very much in flux in the Spring Real Estate market, too. It’s shaping up to be a very different pattern than we’ve seen in the past two years.
Let’s take a look at the residential April 2022 Grey County Real Estate Market Update.
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Grey County Market Update
The 5 parts of our county that we track all reacted very differently in the April market, and none of them showed the same results as Grey County as a whole. If sales were lower than last month, listings were higher. In the 2 areas with a higher number of listings, the number of home sales was down. The only thing that was the same across all 5 was that the average sale price of a home continued to rise. How much it went up though, was very different.
There was a small increase, 3%, in the number of home sales across Grey County in April. Compared with April 2021, this year’s sales numbers are down by 28%.
Grey County’s average home sale price saw a 6% gain in April, up roughly $50,000, to just under $930,000. This is a 26% increase over the average sale price of $737,000 in April of 2021.
The number of new residential listings in Grey County as a whole increased by 21% in April, to 284. Though a solid gain over March, listings are 8% lower than they were at this time in 2021.
A home in Grey County spent an average of 15 days on the market in April 2022, 5 days less than in March and in last April, when 20 days was the average.
Our Local Communities Market Stats
In the Municipality of Grey Highlands, 16 new residential properties came on the market in April, one fewer than in March, and down 24% over April 2021. Just like in each of the first 3 months of 2022, 11 homes sold in Grey Highlands in April. 20 homes were sold in April 2021, a drop of 45% this year over last. The listing to sales ratio in the Municipality of Grey Highlands remains as it was in March, 60-40 in favour of listings. The average sale price for a home in Grey Highlands regained much of the ground it lost in March, improving by 11%, to just below $950,000 for April.
In West Grey, April’s new listings were up 25% compared to March, but were 44% lower than last year at this time. The number of sales fell this month, by 24% from March’s level and by 16% over April 2021. West Grey’s listing to sales ratio was 40-60, with listings gaining a little weight in April. Home sale prices in West Grey improved by a modest 4% in April, adding about $40,000 to the average of $985,000.
Residential listings in The Municipality of Chatsworth fell by 14% in April and by 60% year over year. The opposite was true for the number of sales, which were 33% higher in April than in March and 9% higher than in April 2021. The Municipality of Chatsworth had 2 sales for every listing in April, a shift from March’s more balanced ratio. Of the 12 homes sold in April, 5 were in the million dollar plus range. This brought the average sale price in the Municipality of Chatsworth up by 47% this month, to just over one million dollars.
One fewer residential listing was added to the market in April in the Municipality of Meaford than in March. Compared with the same month last year, listings were down by more than half this month. The number of home sales grew by 11% in April over March, but fell by17% when compared to April 2021. More homes sold in the Municipality of Meaford in April than were listed, at a ratio of 60-40. The Municipality of Meaford saw an increase of 19% in the average sale price of a home in April. It now sits at just over one million dollars, up more than $160,000 from March.
Town of the Blue Mountains
The Municipality of the Town of the Blue Mountains continues to lead Grey County in most every category – the number of listings, number of sales and the average sale price of a home. 65% of all residential properties sold in April were in the one million dollar plus range, with several of those selling for more. In April, the number of new listings added to the market nearly doubled compared to March, and was 23% higher than in April 2021. The number of home sales, however, was down, by 15% from March, and by 30% year over year. April’s listings to sales ratio in The Town of the Blue Mountains has done a complete reversal from March, with listings at a 65-35 ratio to sales. The average sale price for a home in The Town of The Blue Mountains inched up a scant 1.5%, holding steady at roughly 1.3 million dollars in April.