Residential Home Sales Up in August

Posted Sep. 17th 2011 under General

According to the REALTORS® Association of Grey Bruce Owen Sound residential sales activity came in above year-ago levels in August 2011. This was the first year-over-year gain since June 2010. Home sales numbered 225 units in August 2011. This was the strongest month for sales so far this year, and the best month of August since 2007. It was a nine per cent increase from August 2010, marking the first year-over-year gain in 14 months. Total sales numbered 276 units in August, a three per cent increase from August 2010. The average price of homes sold in August 2011 was $223,037, up two per cent from the average selling price in August 2010. New residential listings numbered 431 units in August 2011. This was an increase of nine per cent on a year-over-year basis. Active residential listings totalled 2,097 units at the end of August, rising 13 per cent from the same month in 2010. Active listings are currently running at their most elevated level in more than a decade. The number of months of inventory stood at 10.1 at the end of August 2011 on a seasonally adjusted basis, down from 10.3 months in July. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. The dollar value of all home sales in August 2011 was $50.2 million, rising 10 per cent on a year-over-year basis. The total value of all properties sold in August 2011 was $61.8 million, up 12 per cent from a year earlier.