Thinking of selling your Owen Sound/Grey Bruce home in 2023? Here’s what to expect: Updated Sept 7, 2023

As we enter into the fall market of 2023, what should I expect if I am thinking about putting my home up for sale in the Owen Sound and Grey Bruce Area? That’s a great question, and to answer it I’ll take a look at the statistics, and also provide some on the ground analysis from what I am seeing with my current listings and buyer clients. 

How long will it take?

Let’s begin with days on market, or how long is it taking for the average home to sell? Below, you can view an interactive graph that charts the monthly statistics for the days on market in Owen Sound and Grey Bruce. 

How much will it sell for?

How much money should I expect my home to sell for? Well, no one can know for certain what you will get, but the average home seems to be selling for 97-98% of its listing price. Below, you can view an interactive chart that shows the median sale prices for Owen Sound and Grey Bruce. Remember, these are just general statistics and your home value will be based on sold comparables.

Why has the market changed?

Why has the market changed ? In 2023 Canada has seen the BoC raise rates from .25% up to 5%. The speed at which this has happened has flattened the market. Along with the Variable rate changing, fixed interest rates are also remaining high for what we have been used to over the last 10 years. The high rates have reduced buyers purchasing power and put fear in buyers, causing them to want to wait and see what happens. Below you can view an interactive chart of variable and fixed interest rates. 

 

mortgage rates by:

Is it a buyers market or a sellers market? 

To answer this question we have to take a look at the statistic called month of inventory. Month of inventory(MOI) is the amount of time it would take for everything listed on the market to sell if nothing new was listed. It is calculated by dividing sales by active listings. Less then 3 months of inventory is a sellers market, 4-5 months is balanced, and 6+ is a buyers market. However month of inventory is best looked at in trends, so which was has it been going for the last 3-4 months? Below you can view an interactive chart of the MOI in GreyBruce and Owen Sound. 

Is it a good time to sell? 

That question depends on your perspective. If you purchased prior to the end of 2021 your home likely still has equity in it. Sale prices and market conditions are still better now than they have been in times past in Grey Bruce. If you are considering selling I would be happy to speak with you about your homes value and what you should expect. 

Thinking of selling? download our seller guide! 

Curious what your home is worth? request a home valuation.

If you’d like to discuss the market, we’d be happy to chat. I can be reached at tim.matthews@c21.ca or 519.375.7153