The flowers are starting to bloom, the robins are back and the days are much sunnier! It’s starting to look like spring, especially in the Real Estate market!
Let’s take a look at the residential March 2022 Grey County Real Estate Market Update.
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Grey County Market Update
In the 5 areas we follow, 4 of them had an increase in the numbers of new listings in March. 2 had more sales, 1 had fewer sales, and 2 had the same number of sales as in February. In most cases, the number of both listings and sales are lower than they were at this time last year, when the market was still very heated. This year’s numbers seem to indicate that we may be returning to a more balanced Real Estate market than we’ve seen in the past 2 years.
The number of home sales saw 10% growth in March, with 156 properties sold. This number is down 25% from March 2021, when there were 208 sales.
The average sale price of a home in Grey County dropped from just over one million dollars in February to $875,000 in March, a 13% difference. In March of 2021, the average sale price was 7% lower, at $815,000.
New residential listings in Grey County as a whole were up by a healthy 51% this month, to 234, compared to 155 in February. While this is a solid increase month to month, new listings remain 17% below March 2021’s level.
It took an average of 20 days on the market to sell a home in Grey County in March, 14 days more quickly than in February, and about the same as last year.
Our Local Communities Market Stats
Grey Highlands
The Municipality of Grey Highlands had 17 new residential listings added to the market in March, nearly three times the 6 in February. March’s number was 42% higher than at this time last year. There were 11 homes sold in Grey Highlands in March, the same number as in both January and February. Last March, 20 homes were sold. Listings in the Municipality of Grey Highlands outnumbered sales by a ratio of 60-40 in March, completely opposite to the situation in February. The average sale price for a home in Grey Highlands fell by 12% from February’s $970,000 and was $854,000 for March.
West Grey
In West Grey, new residential listings fell by 20% in March and were 11% lower than last year’s number. The number of sales grew by 50% this month, though. Compared with the same month in 2021, sales have declined by 9%. West Grey’s listing to sales ratio was 30-70, a little heavier in favour of sales this month than last. The average home sale price in West Grey saw an 8% increase in March, to $944,000.
Chatsworth
The Municipality of Chatsworth had a 40% increase in residential listings in March, but a 13% decrease from the same month in 2021. The number of sales dropped by 18% compared to February and was also 10% lower than a year ago. The listings to sales ratio for March was a fairly balanced 45-55 in Chatsworth, compared with 2 sales for every listing in February. March’s average sale price fell by 27% in the Municipality of Chatsworth, nearly $260,000 lower this month than last. Part of the reason for this is the difference in the mix of properties sold; fewer million-dollar homes and more mid priced ones in need of some TLC.
Meaford
14 new residential listings came to market in the Municipality of Meaford in March, up 27% from February. This was a 40% rise from the number added in the same month last year. Meaford also saw a good increase in the number of home sales in March, 38% higher than last month. Compared to 2021, sales were down 14% in March of this year. The listing to sales ratio for the Municipality of Meaford maintained a balance of 45-55 in March, the same as in February. The average home sale price in the Municipality of Meaford returned to January’s level, $866,000, a slight, 2% decrease month over month.
Town of the Blue Mountains
With more than twice the number of transactions than any other individual part of Grey County, The Municipality of the Town of the Blue Mountains continues to outstrip every other area we track for the number of listings and sales and the average sale price of a home. While there are a good number of reasonably priced condo sales, these are offset by the large number of million dollar plus sales that made up nearly 60% of all homes sold in the area this month. There were 27 new residential listings added to the market in March, a 42% increase over February. In March of 2021, 39 homes were listed, a year over year difference of 31%. The number of homes sold in March in the Town of the Blue Mountains matched February, at 41, but down by 27% from the 56 sales in the same month last year. Sales continue to outnumber listings in the Municipality of the Town of the Blue Mountains, at a ratio of 60-40. This reflects a more balanced market than in February, when there were 2 sales for every listing. The average home in The Town of The Blue Mountains sold for just below 1.3 million dollars in March, down 23% from February.
