The summer lull is very much upon us. As expected, sales activity dipped in July from where it was at in June.
While July 2023 saw a 13% drop in sales compared to June, we did see a 60% increase compared to July 2022.
Before launching into all the numbers, I wanted to lead in with a projection of what we can expect for Owen Sound when it comes time to report on July’s performance in 2024 and 2025.
We’re sitting on the precipice of massive change.
Within the next two years, Owen Sound’s population will likely grow by at least as 10%.
From what I’ve seen since marketing Flato’s Greystone Village, I expect the growth to be closer to 22%.
As a result:
- There’s a strong possibility that larger single family homes (3+ beds) will drop in price.
- Smaller single family homes will go up in price.
- Insurance rates across the board will rise.
- Traffic congestion in and around Owen Sound will reach a new apex.
- Rent rates will either stagnate or drop.
- Downtown Owen Sound will experience a renaissance.
Either way, there will be wins and losses felt by local home owners, business owners, renters and investors alike.
Owen Sound’s Real Estate Numbers for July 2023:
– Avg. sales price dropped from $490K in June to $478K over the past month.
– Days on market hasn’t changed much, but is showing an upward creep, which is likely to dip in September.
– The trend of sales below asking continues as over 80% of listings fetched less than what it hit the market for.
– Only one house in Owen Sound sold substantially over asking.
Planning Ahead
What do you want out of life in Owen Sound?
Now is certainly the time to reflect on that question.
Are you prepared to deal with the exponential population growth that’s coming?
For some, the growth that’ll be taking place will be exactly what they’d hope for – more stores to shop at, more restaurants and bars to choose from and a reduced need to shop online.
For others, the added strain on the schooling system and other common drawbacks of expansion – noise and pollution – might be a little much.
If you’d like to discuss your thoughts and put together a plan for where you fit into the new Owen Sound that’s coming, fill out the form below.