August was a bit of a surprise, weather-wise, with unseasonably cool and wet days leading some to coin the term ‘Aug-tober’, and posing a challenge to cottage goers and day-trippers to Grey County hoping to enjoy our shorelines and hiking trails.
Let’s take a look at the Grey County Residential Real Estate Market Update for August 2023.
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
Sales improved in August, growing from 102 in July to 122 this month, a difference of 20%.
The average sale price for a home in Grey County was a little lower again in August, falling by 5%, from $755,000 to $718,000 and was 7% lower than at this time last year.
The number of new listings across Grey County increased by 18% in August, rising to 279 from 237 in July, a difference of 42 units month over month.
The average home in Grey County took 43 days to sell in August, the same as in July and only one day more than in August 2022.
The listing-to-sales ratio remains the same as it’s been all summer, 70/30, still strongly in favour of listings.
In August, 6 Months of Inventory were available across Grey County, down slightly from 7 in July and August of 2022.
Our Local Communities Market Stats
In August, the 5 areas we track saw quite a mix of market activity. Three had an increase in the number of new listings and two saw a drop compared with July and 4 of the 5 had more listings than in August 2022. Only 1 of the 5 areas had fewer sales this month, with the other 4 seeing good increases in sales numbers. Last year, 3 areas had stronger sales in August, one dropped sharply and one was unchanged from the month before. The listing-to-sales ratio remains strongly in favour of listings in 3 areas; the other 2 were very slightly weighted to the sales side. The average sale price improved modestly in 3 areas, but declined in 2 others compared with last month.
Grey Highlands
In August, the number of homes listed in the Municipality of Grey Highlands rose by 31% over last month, with 21 properties added to the market, comparable to last August. Sales were also higher than in July, by 29%, but were 44% lower than in August of 2022. The listing-to-sales ratio for the Municipality of Grey Highlands is unchanged at 70/30 in August, same as in the last 2 months. Months of Inventory for Grey Highlands remained at 9 in August, the same as July. In August 2022 there were 4 months of inventory on hand. After a 46% increase in July, the average sale price for a home in the Municipality of Grey Highlands saw a bit of a correction, falling 32% from $955,000 in July to $645,000 this month, just slightly below June’s average.
West Grey
25 residential listings were added to the West Grey market in August, 1 fewer than in July. By comparison, August 2022 saw the addition of 18 new listings. The number of home sales in West Grey soared to 28 in August, more than doubling July’s 12. Year over year, the municipality has seen an increase of 367% from 6 sales in August of 2022. The listing-to-sales ratio in West Grey swung sharply from 70/30 in favour of listings in July to 45/55 on the sales side in August. Months of inventory on hand in West Grey was 3 for August, a significant drop from 8 in July and a dramatic change from 14 at this time last year. In August, West Grey’s average home sale price rose 11% to $637,000 compared to $575,000 in July.
Chatsworth
In the Municipality of Chatsworth, 9 residential properties were listed in August, down from 13 in July, and the same number as in August 2022. 10 homes were sold this month, up from 8 in July and one more than in the same month last year. The listing-to-sales ratio in the Municipality of Chatsworth was 45/55 in August, continuing to shift in favour of sales. It was 60/40 in July, and 65/35 in June. ‘Months of Inventory’ on hand in the Municipality of Chatsworth dropped from 9 in July to 4 in August. At this time last year there were 7 months of inventory available. The average sale price for a home in the Municipality of Chatsworth was $100,000 lower compared with last month, a 14% decrease from $710,000 in July.
Meaford
The Municipality of Meaford had a 22% increase in new listings in August, with 28 residential properties coming to market. August 2022 saw 16 new home listings added for the month. 13 residential properties were sold in the Municipality of Meaford in August, 4 fewer than in July and the same number of sales as in August 2022. The listing-to-sales ratio in the Municipality of Meaford is the same as it’s been all summer, at 70-30 in favor of listings. Months of inventory available climbed from 6 to 8 this month, with 3 more months of inventory on hand this year than last. The average sale price for a home in the Municipality of Meaford grew by 13% in August, to $866,000, a $100,000 increase over July.
Town of the Blue Mountains
In The Municipality of the Town of the Blue Mountains, there were 61 residential listings added to the market in August, up slightly from 56 last month. 45 homes were listed in August 2022, a difference of 36% year to year. There was a 22% increase in the number of homes sold in August than in July, 22 sales compared to 18. This is a 47% increase over August 2022. The listing-to-sale ratio in the Municipality of the Town of the Blue Mountains was steady at 75/25 for August, the same as last month. Months of inventory in the Town of the Blue Mountains rose from 8 in July to 9 this month. There were 8 months of inventory available for sale in the same month last year. The average home sale price in the municipality continues its slow rise, increasing by 3% this month, growing from $1.16 million in July to $1.2 million in August.
