In total, the month of May saw 21 homes changing hands in Owen Sound.
To give you some contrast – May of 2022 saw a total of 35 home sales.
The breakdown of the past month’s sales are the following:
13 Homes that sold below asking.
5 Homes that sold above asking.
And three homes sold for their asking price – no quibbling, no negotiations.
The biggest metric to watch however is the number of days a property is sitting on the market.
February 2023 saw Owen Sound hitting a new peak for days on market for an average of 82 days before achieving a sale.
Just three months later however, our average amount of days on market now sits at 24 days.
That’s quite the stark contrast.
While we’re talking about days on market let’s look at the top three movers:
two houses were tied for four days on market…
…and one other house sold within five days of hitting the market.
Where Are We Headed?
In November of 2022, it looked as though the bank of Canada’s interest rates were on target.
The average price of a house in November was $415,000, down from its peak of $572,500 in March.
Going into June of this year, the average house price in Owen Sound now sits at $500,000.
This is a trend we’re seeing across regions all over Ontario.
Prices will rise going forward, especially with this next bit of news:
Today is June 1st and we’re kicking the month off with 41 listings for home buyers to choose from.
In June of last year we had double that with 81 listings.
When combining the lower amount of listings and the diminishing number of days properties are sitting on the market…
…we’re going right back into a seller’s market almost as fast as we found ourselves in a buyer’s market.
With school letting out in a couple of weeks, we’re about to go into the summer lull, so it’ll be interesting to see if that will be a factor this season.
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If you’re curious as to how your house would perform on the market, you can always feel free to reach out to me for a deep-dive evaluation of your home.
Home appraisals can run you anywhere from $300 right up to and beyond $500.
All of my home evaluations come in at the very affordable price $0.
I also offer what I call the Extra Mile to help home sellers who aren’t entirely sure what their next move is once they sell.
What we do is sit together and discuss your needs and wants and put together an actionable plan you can count on to move forward with confidence and a strong sense of security.
Once again, all of this comes at no cost.
To get started, contact me here or fill out the form below: