It’s finally time to get out in Grey County and visit that local farmer’s market, go on a scenic hike, or attend a festival, for the summer has finally arrived and it’s looking to be warm and beautiful.
Let’s take a look at the Grey County Residential Real Estate Market Update for May 2023.
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Grey County Market Update
Currently across Grey County, there are 336 new listings for the month of May which is an increase of 25% over April. The listing-to-sales ratio continues to trend in favor of listing and was 70/30 this month. There were 146 sales in May, a nice increase of 18% from April.
Grey County home sales increased 18% from last month, however, they were down 23% from May 2022.
The average sale price for a Grey County home in May fell 7% from last month, and 12% from last year’s $807,575 average.
A look back to 2022 shows relative stability in the number of new listings for May of each year, with 2023 just 3% lower than 2022. Sales continue to be lowered this year, down 23%.
In Grey County, the average home took 42 days to sell, 4 fewer than last month, and twice as long as in May 2022.
The listing-to-sales ratio continues to trend in favour of listings, and was 70/30 this month, the same as last month.
‘Months of Inventory’ on hand across the county remained at 4, the same as in April. Just 3 months of inventory were available for sale at this time last year.
Our Local Communities Market Stats
25 residential properties were listed in the Municipality of Grey Highlands in May, up from 16 in April, just above 23 in May of 2022. A difference of 56% month to month and 9% year to year. The number of homes sold in May was relatively the same as in April, but down 35% from the 14 sales in May of 2022. The listing-to-sales ratio for the Municipality of Grey Highlands is steadily climbing month over month to 70/30 for May, from 60/40 in April. Months of Inventory stayed the same again this month with 4 months and is still higher than May of 2022. The average sale price for a home in the Municipality of Grey Highlands decreased by 10% in May, to $814,000.
39 new listings were added to the market in West Grey for May, trending above last month’s number, plus a 95% increase from last year’s May 2022 of 20 listings. West Grey is still strong for sales, with May’s number of 19, just shy of last month’s 23. Plus a year-over-year increase of 75% from May 2022. The listing-to-sales ratio in West Grey was 70/30 for May. In West Grey, there were 5 months of inventory on hand in May, up from last month’s 3 and the same from prior months’ 5. There were 4 months of inventory available for sale in the same month last year. West Grey’s average home sale price was 17% lower in May, from $719,000 to $669,000.
The Municipality of Chatsworth had 21 homes added to the market in May, a major increase from April & March. This is in line with the previous year’s number, 20 in May 2022. There were 11 homes sold in May, which is an 83% increase from last month’s April numbers. We are also up 10% from last year May 2022. The listing-to-sales ratio in the Municipality of Chatsworth has come up from holding steady at 50-50 in April to 60/40 now in May. ‘Months of Inventory’ on hand in the Municipality of Chatsworth are down, with 4 this month and 7 from last month. In May of 2022, there were 4 as well. The average sale price increased by 2% in May, to $749,000, from April, however still holding higher than the first quarter.
The Municipality of Meaford continues to climb with 30 listings in May, just a few more than in April, a 7% increase. Continuing to align with numbers year over year. The Municipality of Meaford had 13 home sales this month, staying the same as in April and 28% lower than in May of last year. The listing-to-sales ratio in the Municipality of Meaford is relatively the same with 70/30 for May, as from April and March. The months of inventory on hand in the Municipality of Meaford remain closely the same, just 1 more this month than in April. However, we are seeing an increase from May 2022, which only had 3 months of inventory on hand. The average sale price for a home in the Municipality of Meaford continues to increase from April and March, with this month’s average of $860,000 up by 26%, a difference of $182,000.
Town of the Blue Mountains
The Municipality of the Town of the Blue Mountains saw 85 new residential listings in May, trending up from the last two months as well as last year’s May 2022 number of 58. Home sales in May climbed up 32% from April and the same increase year over year from May 2022. The listing-to-sale ratio in the Municipality of the Town of the Blue Mountains was 75/25 for the month of May. 5 months of inventory were on hand in the Town of the Blue Mountains this month, only 1 less than April and still in line with May 2022. The Town of the Blue Mountains’ average home sale price this month was $967,000, 22% lower than last month.