In our last update, we mentioned that the big story in Grey County for July was ‘Months of Inventory’ – the number of months it would take to sell all of the MLS listings currently on the market if no new listings were added. At that time, Grey County had 11 months of inventory on hand. The market seems to have settled down somewhat for August, with months of inventory reduced to 7 across the county. While we’re still in a Buyers’ Market, we’re starting to see signs that the market is beginning to level out, perhaps signaling a return to pre-pandemic conditions.

 

Let’s take a look at the  Grey County Residential Real Estate Market Update for August 2022.

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Grey County Market Update

 

Home Sales in October

The number of homes sold in August saw an increase of 59% this month, from 58 homes in July to 92 in August. When you compare with August 2021, there were 44% fewer home sales in the same month this year

Average Home Price

The average sale price of a home in Grey County was about the same as July’s, remaining at roughly $770,000. However, August’s average price was 8% lower this year than last year’s at $835,000.

new listings

In Grey County in August, three new residential listings were added to the market for every property sold, compared with 4 to every one sold in July. There were 227 new listings across the county in August, down a further 17% from July, but a 7% increase compared to August 2021.

Days on Market in October

In Grey County the average home took 42 days to sell, up considerably from 23 days on the market in July and 12 days longer than in August 2021.

Our Local Communities Market Stats

Grey Highlands

In the Municipality of Grey Highlands, 20 new residential properties came to the market in August, down slightly from the 24 in July and a small improvement over 17 new listings in August 2021. The number of home sales nearly tripled, from 6 in July to 16 in August. In the same month last year, 13 homes were sold. The listing to sales ratio in the Municipality of Grey Highlands has returned to a more balanced 55-45 ratio for August, a big change from 80-20 in July. Months of Inventory for the Municipality of Grey Highlands has reduced from 10 in July to 4 in August, similar to August 2022, when there were 3 months of inventory on hand.

 

New Property Listings
Properties Sold
Sale Price

West Grey

In West Grey, 38% fewer new residential listings were added to the market in August compared with July. Year over year though, the number of new listings increased by 38%. The number of homes sold in West Grey also decreased in August, from 8 to 6 – a 25% difference month to month and 75% lower than at this time last year.
In August, West Grey’s listing to sales ratio was 75-25, one of only 2 areas strongly in favour of listings this month. There were 14 months of inventory listed in West Grey in August, up slightly from 12 in July and much higher than in August 2021, when there were 2. West Grey’s average sale price dropped by 24% in August, a combination of the low number of sales and that half of them were at a much lower price point this month.

 

Home Sales in October
Average Home Sale Price in October
New Listings in October

Chatsworth

The number of new residential listings in The Municipality of Chatsworth fell by nearly half in August, to 9 from 17 in July and by 31% compared with August 2021. 9 homes were sold in August, three times as many as in July. In the same period last year, 12 homes were sold. The listing to sales ratio in the Municipality of Chatsworth was 50-50 in August, a swing back to balanced from 85-15 in July. The Municipality of Chatsworth had 6 months of inventory listed in August, a substantial drop from 16 in July, but 3 times more than at this time last year, when the municipality had 2 months of inventory available. The average sale price for a home in the Municipality of Chatsworth fell from $630,000 in July to $541,000 in August, a 14% difference.

Home Sales in October
Average Home Sale Price in October
New Listings in October

Meaford

In the Municipality of Meaford 16 homes were listed for sale in August, 47% fewer than in July. By comparison, in August 2021 14 new properties were listed. There were just 3 homes sold in July. In August that number climbed to 13 – a good increase. August 2021 reported 19 residential sales in the area.
Like some of the other areas in Grey County, the listing-to-sales ratio in the Municipality of Meaford was more balanced in August. It was 55-45 this month compared to 90-10 in July. In July there were 38 months of inventory listed in the Municipality of Meaford. For August, that number has decreased dramatically, to 5. August 2021 had 2 months of inventory on hand. The average sale price of a home in the Municipality of Meaford was 11% lower this month than last, $793,000 for August.

 

 

Home Sales in October
Average Home Sale Price in October
New Listings in October

Town of the Blue Mountains

The Municipality of the Town of the Blue Mountains had 45 new residential listings added to the market in August, the same number as in July, and an 80% increase from August 2021. 15 homes sold in the municipality this month, up slightly over July. Compared with August 2021, the number of sales was down by 52% this year.
In The Municipality of the Town of the Blue Mountains this month the listings to sales ratio was 75-25, strongly in favour of listings. In the Town of the Blue Mountains, there were 8 months of inventory on hand in August, down 1 from July. This is 4 times as many than at this time last year. In August, the average home sale price rose by a modest 5%, to 1.36 million dollars. With so many luxury homes in the area, the million-dollar plus price point has by far the largest number of sales, 65% this month.

Home Sales in October
Average Home Sale Price in October
New Listings in October

Grey Highlands

24 new residential listings were added to the market in the Municipality of Grey Highlands in July, 20% fewer than in June, but 60% higher than in July 2021.The number of home sales fell by 33% in July, from 9 to 6. In the same month last year, 28 homes were sold, a decline of 79% year over year. The listing to sales ratio in the Municipality of Grey Highlands was 80-20 in July, leaning a little more heavily toward listings this month than last. All of these statistics are markers of an increase in the Months of Inventory. For the Municipality of Grey Highlands, inventory nearly doubled this month, from 6 in June to 11 in July. In contrast, July 2021 had 1 month of inventory The average home sale price in the Municipality of Grey Highlands was $738,000 in July, 16% lower than June’s average.

 

New Property Listings
Properties Sold
Sale Price

You can find a more detailed market update for the last 3 months and our annual report here:

July 2022

June 2022

May 2022

 

2021 Annual Report