The holidays are now a happy memory and winter finally seems to have settled in here in Grey County. With the days slowly starting to grow longer and brighter, is the Real Estate Market beginning to emerge from its holiday slowdown, too? If January is any indication, we’re not quite there yet.
Let’s take a look at the Grey County Residential Real Estate Market Update for January 2023.
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Grey County Market Update
The number of home sales across Grey County saw a modest improvement of 10% this month with 75 units sold.
In January 2022, the average sale price for a Grey County home was just over 1 million dollars. January 2023 saw that average fall to below $650,000, 37% lower than last year.
According to statistics taken from the REALTOR’S Association of Grey-Bruce-Owen Sound (RAGBOS), the number of homes listed across Grey County increased dramatically over December’s level. The number of listings in Grey County in January 2023 was higher by 14% compared with 2022, but there were 37% fewer sales.
On average, homes in Grey County spent 75 days on the market in January, 4 days longer than in December, and nearly twice as long as in January 2022.
Our Local Communities Market Stats
In the Municipality of Grey Highlands, 17 homes were listed in January, roughly three times the 6 in December and 5 in January 2022. 11 residential properties were sold this month, up from 8 in December, and the same number as sold in the same month last year. The listing-to-sales ratio for the Municipality of Grey Highlands reversed itself in January to 60-40 in favour of listings, compared to 40-60 in December. Months of inventory dipped to 4 this month, one fewer than last. In January 2022, the Municipality of Grey Highlands had just 1 month of inventory available for sale. The average sale price for a home in the Municipality of Grey Highlands jumped from $630,000 in December to just below $820,000 this month, a 30% increase month to month.
19 homes were listed in West Grey in January, 10 more than in December, and well above the 7 listings added in January 2022. West Grey had 7 residential sales this month, down from 11 in December. In comparison, in 2022, 14 homes were sold in January. West Grey’s listing-to-sales ratio did an about-face in January, moving from December’s balanced 45-55 to 75-25 in favour of listings. Months of inventory available in West Grey increased from 6 to 9 in January. In the same month in 2022, the municipality had just 1 month of inventory on hand. The average sale price for a West Grey home was $830,000 in January, $150,000 or 22% more than December’s average.
The Municipality of Chatsworth had 8 new home listings in January, 4 times as many as in December, and twice as many as in January 2022. As in December, just two homes were sold this month, compared with 8 in the same month last year. The listing-to-sales ratio in the Municipality of Chatsworth swung sharply in favour of listings this month to 80-20 from a balanced 50-50 in December. Months of inventory available in the Municipality of Chatsworth dropped to 12 in January after rising to 25 in December. In 2022 there were 2 months of inventory on hand. There were just 2 sales in the Municipality of Chatsworth again this month, one at $670,000 and one at $1.1 million, once again, too few results to give an accurate average sale price for the month.
13 new residential listings were added to the market in the Municipality of Meaford in January, a 333% jump from December’s 3 and three times the number listed in January 2022. The Municipality of Meaford had 5 home sales in January, up 67% from 3 in December, but 38% fewer than in the first month of 2022. After a balanced 50-50 listing-to-sales ratio in December, the Municipality of Meaford saw a shift to the listings side in January, to 70-30. The Municipality of Meaford had 13 months of inventory available for sale in December. January saw that number drop to 8, which is 4 times what was on hand at this time last year. The average sale price of a home in the Municipality of Meaford grew by 33% in January, regaining much of December’s decline. It now sits at just over $620,000, up from $468,000 last month.
Town of the Blue Mountains
The Municipality of the Town of the Blue Mountains saw the number of new residential listings nearly double, to 40 in January compared with 21 the month before. This was a 150% increase when compared with January 2022’s 16 new listings. The number of home sales dropped a further 19% this month, from 16 to 13. In the first month of 2022, 35 residential properties were sold, a difference of 63%. The Municipality of the Town of the Blue Mountains a listing-to-sales ratio of 75-35 in January, compared with December’s more balanced 55-45. Months of inventory in the Town of the Blue Mountains increased to 9 in January, up from 7 in December. In the same month of 2022, there was just 1 month of inventory available for sale. The average home sale price in the municipality saw a small increase, from $1.15 million in December to $1.27 million in January.