Sales in the Ontario housing market of Grey Bruce Owen Sound and Wellington was down in February but remained in line with long-term averages.

Sales of 132 units meant a 23.3% drop year-over-year, while year-to-date sales were down 10.6% year-over-year to 253 units.

With overall inventory at record lows, there was no respite in February with new listings 13.5% below their February 2017 level. The 199 new listings took the total inventory to just 508 units, down 35.4% year-over-year, representing just 3.8 months of supply.

The tight inventory meant upward pressure for prices with the average sales price rising 12.3% year-over-year to $322,108. The dollar value of all home sales in February 2018 was $42.5 million, down 13.8% from February 2017.

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