The big story in the Real Estate Market in Grey County is the Dramatic shift to a Buyers Market in July. Generally speaking, once there are 6 or more months of inventory, a ‘Buyers’ Market’ is in place. So What does that mean? The Months
of Inventory is the number of months it would take to sell all of the residential MLS listings currently on the market if no new listings were added to the market .Our local market has been in a Seller’s Market for the last few years with less
than 2 months of inventory. Things started to change in May when the number of months increased to 3 then 4 months in June which is still a seller’s market but heading towards a more balanced market which is 5 to 6 months of inventory. In
July, the months of inventory increased dramatically right across Grey county, jumping up to 11 months putting us in a strong Buyers market.

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

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Grey County Market Update

 

Home Sales in October

The number of homes sold in July fell even more dramatically from June’s level. With just 58 residential sales county wide, a 52% drop month to month. Compared with 169 sales in July 2021, Grey County has experienced a 66% drop in the number of homes sold in the same month this year

Average Home Price

The average sale price of a home in Grey County saw a slight dip from June’s level, from $800,000 to $770,000. Compared to July 2021, sale prices are 5% higher this year than they were at that time.

new listings

The gap between the number of new residential listings and the number of sales in Grey County this month continues to widen, With 4.7 new listings added to the market for every property sold. There were 272 new listings across Grey county in July. Down 17% from June. Listings were up considerably this month compared to July 2021, with 34% more homes added to the market this year than last.

Days on Market in October

The average home in Grey County spent 23 days on the market in July, 1 day less than in June, and 8 days less than in July 2021.

Our Local Communities Market Stats

Grey Highlands

24 new residential listings were added to the market in the Municipality of Grey Highlands in July. This is 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

West Grey

West Grey had a 24% decline in the number of homes listed in July compared with last month, but up by 61% over July 2021.Home sales were also lower in West Grey in July, by 38% month to month and by 85% from July 2021.Like the rest of the county, West Grey’s listing to sales ratio swung a little heavier to the listings side in July to 80-20.In July there were 12 months of inventory listed in West Grey, twice as many as in June and a big jump from 2 in July 2021.The average sale price for a home in West Grey rose by $20,000 in July, to $877,000, with sales spread between several price points.

 

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

Chatsworth

The Municipality of Chatsworth saw 17 listings added to the market this month, the same number as in June, and more than twice the number listed in July 2021.The number of homes sold fell by 73% in July compared to last month, and by 70% year over year. The Municipality of Chatsworth had a big change in the listing to sales ratio, moving from 60-40 in June to 85-15 in July. With far more listings than sales recorded, the Municipality of Chatsworth’s months of inventory was 4 times higher in July than in June, sitting at 16. At this time last year, the municipality had 3 months of inventory listed. The average sale price for a home in the Municipality of Chatsworth slipped 10% lower this month, falling to $630,000 from $700,000 in June.

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

Meaford

30 new residential properties were listed in July in the Municipality of Meaford, up slightly from June. The number of listings this month is up 114% compared with July 2021.There were just 3 homes sold in July, a drop of 79% compared with June and 85% lower than July 2021.The Municipality of Meaford had the highest listing to sales ratio of the 5 areas we track and one of the largest shifts in favour of listings, moving from 65-35 in June to 90-10 in July. Last month, the Municipality of Meaford had 4 months of inventory listed. In July, that number soared to 38, meaning that it would take 38 months to sell all the residential properties that are currently on the market. Last year, July had 2 months of inventory; a huge difference in the market conditions. Again this month, there was about a 4% increase in the average sale price of a home in the Municipality of Meaford, growing from $864,000 to $896,000.

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 saw a small increase in the number of new listings on the market in July, and a 45% gain over last year’s number. In July, the number of homes sold in the municipality fell by nearly half and were 63% lower than in July 2021.The listings to sales ratio in The Municipality of the Town of the Blue Mountains this month was 80-20, a further shift in favour of sales for July. Of the 5 areas we track, the Town of the Blue Mountains had the lowest number of months of inventory in July, at 9. This is more than twice June’s level and three times as many as in July 2021.The average home sale price grew by 23% in July over last month, from just over 1 million dollars to nearly 1.3 million. Not surprisingly, it remains the highest of all 5 of the areas we cover, with an abundance of luxury homes in the area.

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:

June 2022

May 2022

April 2022

 

2021 Annual Report