Summer is in full swing! The kids are out of school, cottages are booked, and the beaches are beckoning. Whether for swimming, paddling or just relaxing by the water, here in Grey County, we’re lucky to have an abundance of lakes and rivers to enjoy. It’s a great time for a visit to our beautiful area.
Let’s take a look at the Grey County Residential Real Estate Market Update for July 2023.
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Grey County Market Update
The number of new listings across Grey County fell sharply in July, to 237 from 367 in June, a difference of 140 units or 35% month over month. The listing to sales ratio remains the same as it was last month, 70/30, still strongly in favour of listings. Sales were also lower in July, dropping to 102 from 142 sales in June, a difference of 28%. While this is a big fluctuation in a month, it’s a normal trend for the market to be slower in the summer.
Sales were lower in July, dropping to 102 from 142 sales in June, a difference of 28%.
July’s average sale price for a home in Grey County was $755,000, an 8% decrease from June, and 2% lower than in July 2022.
The number of new listings across Grey County fell sharply in July, to 237 from 367 in June, a difference of 140 units or 35% month over month.
The average home in Grey County took 43 days to sell, 5 days longer than in June, and almost twice as long as in July 2022, when it took 23 days to sell.
The listing to sales ratio remains the same as it was last month, 70/30, still strongly in favour of listings.
In July, there were 7 Months of Inventory on hand across the county, up from 5 in June, but lower than 10 at this time last year.
Our Local Communities Market Stats
In July, all 5 of our key areas saw a decrease in the number of new listings, as well as a decrease in listing numbers over this time last year for the most part. Only 1 of the 5 areas had more sales this month, whereas compared to last year all 5 areas saw more sales. The listing-to-sales ratio remains in favour of listings in all 5 areas. The average sale price shows comparable improvement to last month, with 3 of the 5 areas increasing again, and the other 2 down moderately.
The number of homes listed in the Municipality of Grey Highlands decreased 45% in July from last month. Year over year shows down 33% from July 2022. July saw a decrease of 11 fewer homes sold than in June, however with 7 sold this month there was an increase of 17% from the 6 sold in July last year. The listing to sales ratio for the Municipality of Grey Highlands was still heavily in favour of listings with 70/30 in July, same as last month. There are 9 months of Inventory for Grey Highlands this month, up from 4 in June and down from 10 in July of 2022. The average sale price for a home in the Municipality of Grey Highlands increased by 46% in July, from $656,000 to $955,000.
26 residential properties were listed in West Grey in July, 13% fewer than in the month before. 29 homes were listed in July 2022. West Grey is down 45% this month for sales, with 12 sold in July compared to June’s number of 22 homes sold. However there is a year over year increase of 50% from July 2022. The listing to sales ratio in West Grey weighed in favour of listings with 70/30 for July. In West Grey there were 8 months of inventory on hand in July, up from last month’s 4 on hand. There were 12 months of inventory available for sale in July of last year. In July, West Grey’s average home sale price was lower by 20%, from $717,000 in June to $575,000.
The Municipality of Chatsworth, 13 new residential listings were added to the market in July, down from 19 in June, and down from 17 in July 2022. 8 homes were sold this month, a decrease of 20% from 10 homes sold last month and up substantially year over year from 3 in July of 2022. The listing to sales ratio in the Municipality of Chatsworth remained relatively the same with 60/40 in July, just down from 65/35 in June. ‘Months of Inventory’ on hand in the Municipality of Chatsworth are up with 9 on hand in July, from 5 on hand in June. Showing a decrease from July 2022 where there were 16 months of inventory on hand. The average sale price in the Municipality of Chatsworth grew 19% this month from last month, $595,000 to $710,000.
The number of new listings dropped by 38% in July, with 23 residential properties added in the Municipality of Meaford, compared with 37 in June. 30 homes were added to the market in July 2022. The Municipality of Meaford had 17 home sales this month, a slight increase of 6% from June and a whopping increase from only 3 homes sold in July 2022. The listing to sales ratio in the Municipality of Meaford is reporting the same as last two months at 70-30 in favor of listings over sales. Months of inventory available continues to be 6 on hand in the Municipality of Meaford, same as in June, however there were 32 more on hand in July of 2022. The average sale price for a home in the Municipality of Meaford decreased this month from $1,08 million to $766,000, down 29%.
Town of the Blue Mountains
In The Municipality of the Town of the Blue Mountains, 56 homes were added to the market in July, a dip from 77 in June. 45 properties were listed in July 2022. Home sales decreased by 40% in July, dropping from 30 in June to 18 this month. Compared with July last year, 50% more residential properties were sold in July 2023 than in 2022. The listing to sale ratio in the Municipality of the Town of the Blue Mountains returns to 75/25 from 70/30 in June. Months of inventory in the Town of the Blue Mountains climbed from 6 in June to 8 this month. July 2022 had 10 months of inventory available for sale. The average home sale price in the municipality saw another small 5% increase this month, growing from $1.10 million in June to $1.16 million this month.