Autumn brings with it cooler weather, shorter days, and a return to “business as usual” for a lot of us. It can also bring a bit of a lull to the Real Estate Market as we settle back into our routines. Across Grey County, September continued to see more listings than sales, at a ratio of 3-1 on average. The decline in sales numbers over the last little while has had the predictable impact of lowering sale prices as well. With more inventory available, we’ve noticed an increase in the number of price reductions, too, meant to help renew buyer interest in properties already on the market.

Let’s take a look at the Grey County Residential Real Estate Market Update for September 2022.

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Grey County Market Update

In September, 108 homes sold in Grey County, a 17% improvement over August’s 92. Compared with 177 sales in September 2021, the number of sales was 39% lower this year than last.

The average sale price of a home in Grey County was slightly higher this month than in the last two, gaining 2% in September. It is now just below $790,000, 8% lower than September 2021’s average of $860,000.

There were 302 new listings of residential properties in Grey County in September, up from 227 in August, an increase of 33%. 31% more homes were listed this month than in September 2021, which had 230.

The average home in Grey County took 43 days to sell in September, one day more than in August, and 15 days longer than in September 2021.

Our Local Communities Market Stats

Grey Highlands

24 new residential properties were listed in the Municipality of Grey Highlands in September, up 20% from August, and much higher than the 10 new listings added in September 2021. The number of homes sold fell from 16 in August to 13 in September, a difference of 19%. In September 2021, 22 homes were sold. In the Municipality of Grey Highlands, the listing to sales ratio for September was 65-35, leaning more in favour of listings than last month. There were 6 months of inventory on hand in the Municipality of Grey Highlands in September, up from 4 in August. Last year at this time there was just 1. There were 2 large properties sold totalling more than 15 million dollars in the municipality in September. With these included, the average home sale price jumped from $970,000 in August to $1.8 million dollars this month. Excluding them, the average home sale price was $685,000, a 29% decrease from last month. This is an excellent example of how the mix of property sales affects the average sale price of homes in an area.

West Grey

In September, West Grey saw 20 new residential listings added to the market, a small increase from 18 in August. Compared with the same month in 2021, the number of new listings increased by 33%. The number of homes sold in West Grey more than doubled this month, from 6 in August to 14 in September. Last year, there were 18 sales in September. West Grey’s listing to sales ratio was 60-40 in September, weighted more to the sales side than it was in August. Months of inventory listed fell dramatically in West Grey, to 6 in September from 14 in August, but was still 3 times higher than in September 2021, when there were 2. West Grey’s average sale price gained more than $120,000 or 18% in September, growing to $790,000 this month.

Chatsworth

There were 11 new residential listings in The Municipality of Chatsworth in September, up from 9 in August and 10 in September 2021. 10 homes were sold this month, compared with 9 in August. Last year, 12 homes were sold in September. The listing to sales ratio in the Municipality of Chatsworth was 50-50 again in September, the same as in August. The Municipality of Chatsworth had 4 months of inventory listed in September down from 6 in August. At this time last year, the municipality had 2 months of inventory available. The average sale price for a home in the Municipality of Chatsworth jumped 38%, more than $200,000 in September, to $745,000 from $541,000 in August.

Meaford

In the Municipality of Meaford residential listings were up by 44% in September, with 23 homes added for sale, compared to 16 in August, and very close to the September 2021 number, 24. 16 homes sold in September, a 23% improvement over 13 in August. Compared with September 2021, though, the number of sales was down by one third. The listing to sales ratio in the Municipality of Meaford was slightly more in favour of listings this month, at 60-40. The Municipality of Meaford had 4 months of inventory available in September, down slightly from 5 in August. The same month in 2021 had 2 months of inventory on hand. The average sale price of a home in the Municipality of Meaford gained a modest 4% in September, rising to $825,000.

Town of the Blue Mountains

The Municipality of the Town of the Blue Mountains had 71 homes listed this month, a big jump from 45 in August, and nearly three times as many as in September 2021, when there were 25. 16 homes sold in the municipality this month, one more than in August. This is about half the number of sales in September 2021. The listings to sales ratio was 80-20 in The Municipality of the Town of the Blue Mountains this month, a little more strongly in favour of listings than August was. Months of inventory in the Town of the Blue Mountains continues to increase, with 10 on hand in September and 8 in August. September 2021 had just 2 months of inventory available for sale. The municipality’s average home sale price inched up 3%, to 1.4 million dollars in September.