Is the real estate market going doing in Owen Sound & Grey Bruce?
We’ve all been inundated with news stories about interest rates, inflation and prices falling but what’s really happening on the ground right here in Grey Bruce?
Let’s start with prices:
The median price in Grey Bruce was $700,000 up 18.5% from last April, and down slightly from March. In Owen Sound it was $567500, down from $603,000 in April.
How about supply & demand?
Perhaps what is most interesting is inventory. There continues to be a good amount of supply coming on the market and with rising rates/cost of inflation cooling buyer demand a bit, we have finally started to see the market shift slightly.
Active Listings in April were 390, this is up sharply from the 272 in March. We had 399 new listings come to market In April up from 315 in March, this has caused our month of inventory to jump from 1.2 up to 1.6.
On average it still took just 10 days for a home to sell and places went for 105.3% of their sale prices.
What does this mean for buyers and sellers?
Well as we know when more inventory comes on the market that gives buyers more options, this means sellers are going to have to be realistic with their price expectations. That house on the street that sold for 800k 2 months ago is no longer a reasonable comp to use.
For the full break down of RAGBOS STATS go here.