November gave us a little taste of what Old Man Winter has in store for us, with gusty winds and blowing snow, before mild temperatures and rain returned near the end of the month. Here in Grey County, where we’re used to the fickle weather, it was a good reminder to get the snow tires on before winter really settles in. Just like last month, we continue to see more listings than sales in November; the listing to sales ratio is still at 70-30. As the market continues to settle, the same holds true as far as the number of price reductions, listing cancellations and properties being relisted with new, lower prices.
Let’s take a look at the Grey County Residential Real Estate Market Update for November 2022.
You can contact us through any of our social media platforms for more information. Check out our 3D Virtual Tours and extensive photo galleries to view our properties safely and successfully. Click here to check out all of our Featured Listings.
Grey County Market Update
County-wide, the number of home sales continued to decline, from 102 in October to 81 this month, a difference of 21%. Compared with the same month in 2021, the number of sales is 47% lower this year.
In November, the average sale price of a home in Grey County rose by 39% over last month’s $653,000, to $910,000. This is a slight 2% or $35,000 increase over the November 2021 average.
The number of new residential listings in Grey County fell by 23%, to 192 in November, from 249 in October, but was 13% higher than in November 2021, when there were 170 new listings.
Homes in Grey County spent an average of 50 days on the market in November, compared with 54 in October, and 29 days in November a year ago.
Our Local Communities Market Stats
11 new residential properties were added to the market in the Municipality of Grey Highlands in November, less than half the 23 listed in October, and one more than was listed in November 2021. The number of homes sold increased to 10 in November, up 1 from 9 in October. Compared with November 2021, 2 fewer homes were sold in Novenber this year. The listing to sales ration for the Municipality of Grey Highlands was a balanced 50-50 this month compared with October’s to 70-30. Months of inventory in the Municipality of Grey Highlands fell back to September’s level of 6 in November, down from 9 last month. November 2021 had 2 months of inventory on hand. After a 32% jump in October, the average sale price for a home in the Municipality of Grey Highlands fell by 29% this month, to just over $640,000. Of the 5 areas we track, Grey Highlands saw the largest price decrease this month.
In West Grey 21 homes were listed in November, 30% fewer than in October. Compared with 13 in 2021, November’s listings were 62% higher this year than last. The number of homes sold in West Grey grew from 10 to 14 this month, a 40% improvement, and the same number as in November last year. West Grey’s listing-to-sales ratio relaxed back to 60-40 in November from 75-25 in favour of listings in October. Months of inventory listed fell back to September’s level of 6 from 9 in October, three times the 2 on hand at this time last year. West Grey’s average home sale price dipped 3% in November, to $690,000 from $710,000 in October.
5 new residential listings were added to the market in the Municipality of Chatsworth in November, compared with 8 in October. November 2021 also had 5 new home listings. Three homes sold this month, a drop from 8 in October. 6 residential properties sold in November last year. After being balanced for the past several months, the listing to sales ratio in the Municipality of Chatsworth moved more to the listings side in November, to a ratio of 60-40. Months of inventory in the Municipality of Chatsworth more than doubled in November, rising from 5 to 11 this month. November of 2021 had 3 months of inventory available. The average sale price for a home in the Municipality of Chatsworth rose a modest 5% in November, to $580,000.
14 homes were listed for sale in the Municipality of Meaford in November, up from 12 listed last month and twice the number listed in November 2021. The Municipality of Meaford had 9 home sales in November, a slight drop from 11 in October. Compared with 24 in November 2021, the number of sales was down by 63% this year. The listing-to-sales ratio in the Municipality of Meaford moved back to 60-40 this month, from 50-50 in October, more in favour of listings this month. 6 months of inventory were available in the Municipality of Meaford in November, up 1 from October. In November 2021, there was just 1 month of inventory on hand. The average sale price of a home in the Municipality of Meaford slipped a very slight 2% this month compared to October, to $626,000 in November.
Town of the Blue Mountains
In The Municipality of the Town of the Blue Mountains, 37 residential properties were listed, compared with 57 in October, a difference of 35%. This is a 42% increase over the 26 listed in November of 2021. 20 homes sold in November, 1 fewer than in October. In the same month last year there were 34 sales. The listings to sales ratio was 65-35 in The Municipality of the Town of the Blue Mountains this month, trending a little more strongly in favour of sales than October’s 75-25. Months of inventory in the Town of the Blue Mountains remained steady this month, at 8. November 2021 had just 2 months of inventory available for sale in the municipality. The average home sale price in the municipality rebounded from October’s low of $900,000 and then some this month, jumping to $1.8 million, nearly double.