Sales remain well above year-ago levels in January

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound posted another large year-over-year increase in January 2010.

According to statistics provided by the Association, home sales numbered 104 units in January 2010, jumping 51 per cent from the same month in 2009.

The average price for homes sold in January 2010 was $214,063, rising 17 per cent from January 2009.

“The strength in the resale market now, compared to last year’s weak showing, continues to

exaggerate year-over-year comparisons,” said Karen Cox, President of the REALTORS®

Association of Grey Bruce Owen Sound. “Year-over-year activity and price gains are expected to become more subdued in the coming months.”

The total dollar value of home sales in January 2010 was $22.3 million, 76 per cent above year-ago levels.

Total sales numbered 130 units, 51 per cent higher than the amount reported in January 2009. The total value of all properties sold in January 2010 was $28.9 million, up 70 per cent from one year earlier.

New listings jumped 34 per cent on a year-over-year basis to 289 units in January 2010. This was the third consecutive double-digit increase.

The increase in new listings slowed the rate of decline in overall supply. There were 1,108 active residential listings on the Association’s MLS® System at the end of January 2010, down just three per cent from a year earlier.

The number of months of inventory stood at 10.7 months at the end of January 2010, down from 16.6 months last January. 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 REALTORS® Association of Grey Bruce Owen Sound represents approximately 350

REALTORS® registered with its member offices. The geographical area served by the Association is in

southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey