Ah, March. In like a lion, out like a…lion! With any luck, we’ve seen the last of winter and can look forward to the sunshine and warmer temperatures of Spring!
Let’s take a look at the Grey County Residential Real Estate Market Update for March 2023.
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Grey County Market Update
In March, 3 of our 5 key areas had an increase in the number of new listings, while 2 had fewer, and 4 of the 5 had higher listing numbers than at this time last year. 4 of the 5 areas also had more sales this month, but all 5 were lower than last year at this time. The listing-to-sales ratio remained heavily in favour of listings in some areas, with others seeing a balanced 50/50. The average sale price across all 5 areas continues to slip lower as the market correction continues, returning to its pre-pandemic level.
In March, the number of sales jumped by 53%. Listings are still dominant, making up 65% of the listing-to-sales ratio this month.
The average sale price for a Grey County home fell to $665,000 in March, 23% lower than in February and 24% lower than in March of 2022.
After a quiet February, the number of new listings across Grey County grew by 30% with 227 new residential listings hitting the market in March.
In Grey County, the average home took 53 days to sell, 17 fewer than last month. In March 2022, the average number of days on the market was 20.
Our Local Communities Market Stats
9 residential properties were listed in the Municipality of Grey Highlands in March, down from 13 in February and 17 in March of 2022, a difference of 31% month to month and 47% year to year. The number of homes sold in March jumped to 10, a 150% improvement over February’s 4, and not far off March 2022’s 11 sales. The listing-to-sales ratio for the Municipality of Grey Highlands swung back to a balanced 50/50 for March after being heavily in favour of listings, 75-25, in February. After a blip to 11 in February, Months of Inventory dropped to 4 in March. The Municipality of Grey Highlands had 2 months of inventory on hand in March of 2022. The average sale price for a home in the Municipality of Grey Highlands softened in March, 10% lower than in February, to just below $840,000.
23 new listings were added to the market in March, nearly twice the number listed in West Grey in February and almost 3 times as many as in March of last year. West Grey reported 14 home sales in March, double February’s number. Compared with March 2022, though, sales are down by 33%. The listing-to-sales ratio in West Grey was 65-35 for March, the same as it was in February. In West Grey, there were 5 months of inventory on hand in March, down from 9 last month. There was just 1 month of inventory available for sale in the same month last year. West Grey’s average home sale price slipped 6% in March, from $765,000 to $725,000.
The Municipality of Chatsworth had 8 homes added to the market in March, down 27% from February and equal to January’s number. In March 2022, 7 new residential properties were listed. There were 8 homes were sold in March, nearly 3 times as many as in February, and almost as many as in March of last year when there were 9. The listing-to-sales ratio in the Municipality of Chatsworth was a balanced 50-50 in March, compared with 80-20 in favour of listings in February. ‘Months of Inventory’ on hand in the Municipality of Chatsworth dropped again this month, to 4 from 9 in February. In March of 2022, there was 1 month of inventory available. The average sale price fell by 27% in March, to $665,000, down from $910,000 last month.
In the Municipality of Meaford, 20 residential properties were listed in March, 1 more than in February and 43% more than in March last year when there were 14. The Municipality of Meaford had 10 home sales this month, the same number as last month but 44% fewer than in March of last year. The listing-to-sales ratio in the Municipality of Meaford remained at 65-35 for March, the same as in February. 4 months of inventory were available in the Municipality of Meaford for March, no change from February. In March 2022, the municipality had 2 months of inventory on hand. The average sale price for a home in the Municipality of Meaford was 11% lower in March, dipping from $775,000 in February to $685,000 this month, a difference of $90,000.
Town of the Blue Mountains
The Municipality of the Town of the Blue Mountains saw 53 new residential listings in March, up from 39 in February. This is nearly double the number listed in March 2022. There were 28 home sales in March, 27% more than in February, but 32% fewer than in the same month in 2022. The listing-to-sale ratio in the Municipality of the Town of the Blue Mountains held steady at 65-35 again in March. 5 months of inventory were available in the Town of the Blue Mountains again this month, compared with just 1 in March 2022. Of the 5 areas we track, the Town of the Blue Mountains had the largest drop in average home sale price, falling 36% to $845,000 from $1.32 million in February. The difference in March was in the mix of home types sold. For the past several months, 50% or more of the homes sold in the Town of the Blue Mountains have been in the $1 million-plus range. In March, that percentage fell to 25%, with an increased number of more modestly priced homes sold.