While Wiarton Willie may have predicted an early Spring, I don’t think even he expected the wild ride February would take along the way. The weather was certainly fickle, with everything from rain and slushy conditions to a few days of deep freeze to milder temperatures and more snow.
Let’s take a look at the Grey County Residential Real Estate Market Update for February 2023.
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Grey County Market Update
All 5 of the areas we follow saw a substantial increase in the number of new listings in February, compared to 2022. Month to month, though, was a mixed bag, with some areas showing an improvement and others declining. Many of the 5 areas also had a rise in the number of sales this month, though all were lower than last year at this time. Again in February, the listing-to-sales ratio was heavily in favour of listings in all 5 areas. While the average sale price across Grey County as a whole continues to be lower than in February of 2022, in 4 of our 5 key areas, the average price showed improvement again this month.
While home sales increased by 8% over last month with 81 units sold in February, listings are still outpacing sales at a rate of roughly 2 to 1.
The average sale price for a home in Grey County was just over 1 million dollars a year ago. In February 2023, the average was $860,000,15% lower than last year.
After a huge jump in January, the number of new listings across Grey County levelled off this month with 175 new residential listings across the county, an increase of only 1%.
On average, Grey County homes spent 70 days on the market in February, 5 days fewer than in January, but twice as long as in February 2022.
Our Local Communities Market Stats
The number of homes listed in the Municipality of Grey Highlands fell to 13 in February, down 24% from 17 in January but more than double the number listed in February 2022. February saw just 4 homes sold for the month, down sharply from 11 in both January and February of 2022. The listing-to-sales ratio for the Municipality of Grey Highlands leaned even more heavily in favour of listings, 75-25 in February, compared to 60-40 in January. Months of Inventory rose to 11 this month, nearly 3 times January’s level. In the same month of 2022, the Municipality of Grey Highlands had just 1 month of inventory on hand. The average sale price for a home in the Municipality of Grey Highlands increased by 14% in February and is now just below $935,000. January’s average sale price was $820,000.
12 residential properties were listed in West Grey in February, 37% fewer than in the month before. 10 homes were listed in February 2022. West Grey had 7 residential sales this month, the same number as in January, but only half the number sold in February 2022, when there were 14 homes sold. The listing-to-sales ratio in West Grey moved from 75-25 in January to 65-35 this month, with sales weighted a little more heavily. Months of inventory on hand in West Grey remained steady at 9 this month, the same as in January. In the same month in 2022, there was just 1 month of inventory available. In February, West Grey’s average home sale price dipped 8% to $765,000 from $830,000 in January.
In the Municipality of Chatsworth, 11 new residential listings were added to the market in February, up from 8 in January. The same month in 2022 had 2 new listings. Three homes were sold this month, a slight improvement from 2 in each of the 2 previous months as well as in February 2022. The listing-to-sales ratio in the Municipality of Chatsworth remained at 80-20 for February, the same as in January. In the Municipality of Chatsworth, ‘Months of Inventory’ continues to decline, dropping from 12 in January to 9 this month. There was 1 month of inventory available in February 2022. The average sale price in the Municipality of Chatsworth was $910,000 this month, an increase of $25,000, or 3%, over January.
The number of new listings grew by 46% in February, with 19 residential properties added in the Municipality of Meaford, compared with 13 in January. 11 homes were added to the market in February 2022. The Municipality of Meaford had 10 home sales this month, twice as many as in January, but 23% fewer than in February of last year. The listing-to-sales ratio in the Municipality of Meaford shifted slightly toward sales in February, to 65-35 from last month’s 70-30. Months of inventory available continues to fall in the Municipality of Meaford, from 8 last month to 4 in February. At this time last year, just one month of inventory was available for sale. The average home in the Municipality of Meaford sold for $775,000, a 24% increase from $620,000 in January.
Town of the Blue Mountains
In The Municipality of the Town of the Blue Mountains, 39 homes were added to the market in February, a slight dip from 40 in January. 19 properties were listed in February 2022, about half as many. Home sales increased by 69% in February, growing from 13 in January to 22 this month. Compared with the same month last year, 46% fewer residential properties were sold in February 2023 than in 2022. The listing-to-sale ratio in the Municipality of the Town of the Blue Mountains trended a little more to the sales side in February, to 65-35 from 75-35 in January. Months of inventory in the Town of the Blue Mountains dropped from 9 in January to 5 this month. February 2022 had just 1 month of inventory available for sale. The average home sale price in the municipality saw a small increase again this month, growing from $1.27 million in January to 1.32 million in February.