May brought a lot of rain and flowers and the promise of warmer weather. We’ve also noticed a big change in the Real Estate market this Spring. And it’s not just in our area, but across the county.
Let’s take a look at the residential May 2022 Grey County Real Estate Market Update.
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Grey County Market Update
Consistent with Grey County as a whole, the number of listings increased in each of the 5 areas we track. This was true when comparing May with April, and for most areas, May 2022 with May 2021. 4 of the 5 areas saw a decrease in the number of homes sold in May, and all of them had fewer sales than at this time last year. This month, the listing to sales ratio for all 5 was weighted in favour of listings, with slight variations by area. Sale prices softened through a lot of our county, with only 2 of the 5 areas seeing increases.
The number of home sales across Grey County fell this month, with 12% fewer homes sold than in April. Year over year, this year’s sales numbers are down by 5%.
In May, the average sale price of a home in Grey County was just below $810,000, down 13% compared with $928,000 in April, a difference of about $120,000. That said, sale prices remain 7% higher this May than they were last year.
As a whole, the number of new residential listings in Grey County continues to climb. May saw a 23% increase in new listings compared to April and 5% more listings than in May 2021.
It’s taking longer for homes in Grey County to sell as well. In May, the average home was on the market for 25 days, 10 days longer than April’s average. In May 2021, the average home spent 20 days on the market.
Our Local Communities Market Stats
The Municipality of Grey Highlands had 23 homes listed in May, an increase of 48% from April, but 12% fewer than May 2021. In May, 14 homes sold in Grey Highlands a 27% improvement over each of the previous 4 months. By comparison, 22 homes were sold in May of 2021, a difference of 36% year to year. The listing to sales ratio in the Municipality of Grey Highlands remains stable, at 60-40 in favour of listings for the 3rd month in a row. The Municipality of Grey Highlands was one of the two areas that showed an improvement in the average home sale price. It rose by 13% in May, to just below 1.1 million dollars.
In West Grey, twice as many residential properties were listed in May than last month. Listings are down by 20% compared to last year at this time. 31% fewer homes were sold in West Grey this month, and 39% fewer when compared with May 2021. West Grey’s listing to sales ratio reversed itself in May, to 65-35, with more listings coming to market than were selling. There was a substantial drop in May’s average home sale price in West Grey, 32%. This was due to both a shift in the price ranges of homes sold this month and a lower number of sales overall. In April, 9 homes were sold in the 800,000 to 1 million dollars plus range. In May, there were only 2 sales at that price point, with the majority of sales falling into a more modest range.
Residential listings in The Municipality of Chatsworth more than tripled in May and were double May 2021’s number. The Municipality of Chatsworth saw a decrease of 17% in the number of home sales in May and were down by 9% compared with the same month last year. May’s listing to sales ratio in the Municipality of Chatsworth was 65-35 in favour of listings. 5 homes in the Municipality of Chatsworth sold for one million dollars or more in May, raising the average sale price for a home in the area to 1.1 million dollars, up 10% this month.
In the Municipality of Meaford, 27 new residential listings came on the market in May, more than twice the number in April. Listings were also up, 17%, compared with May 2021. There were 10% fewer home sales in May than in April. A year-to-year comparison shows a decline of 47% in sales this May. The listing to sales ratio in the Municipality of Meaford was 60-40 in favour of listings this month, with no change from April. In May, the Municipality of Meaford’s average home sale price fell by 19%, falling back to $832,000, a little below March’s average.
Town of the Blue Mountains
In The Municipality of the Town of the Blue Mountains, there was a 9% increase in new listings in May and a 41% jump from the number listed in May 2021. The number of home sales was down by 37% in May, and by 48% compared with last year. April’s listings to sales ratio in The Town of the Blue Mountains has continued to shift in favour of listings and was 70-30 for May. 75% of homes sold in The Town of The Blue Mountains in May sold for 1 million dollars or more. Despite that high percentage, the average home sale price dropped by 14% this month over last, from roughly 1.3 million dollars in April to just over 1.1 million in May.