LOCATIONS B R O K E R A G E
OWEN SOUND REAL ESTATE MARKET REPORT
SECOND QUARTER 2021 RECIPIENT OF ROYAL LEPAGE’S BROKERAGE OF THE YEAR AWARD FOR ONTARIO
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OVERVIEW RECORD VOLUME SALES, AVERAGE SALE PRICE WAY UP
RECORD YEAR-TO-DATE SALES VOLUME OF $97,663,284 Up 102% from 2020’s $48,462,855, with units of 207 up 44% from last year’s 144. New listings of 259 up 39%, with the sales/listings ratio of 80% up 3%.
RECORD Q2 SALES VOLUME OF $63,824,684 Up 144% from Q2-2020’s $26,210,155. Units of 134 up 76% from Q2-2020’s 76, with new listings of 154 up 52% and the sales/listings ratio of 87% up 12% from one year ago.
RECORD YEAR-TO-DATE AVERAGE SALE PRICE OF $471,803 Up 40% from last year’s $336,548. Average days-on-market of 16 down 19 days.
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
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OVERVIEW (cont’d) THE DEMAND FOR LISTINGS IS GREATER THAN THE SUPPLY The Owen Sound market had a relatively high 101.8% sale/list price ratio in June. Homes sold in just 16 days on average, down 16 days from one year ago, and there is currently 1 month of inventory. All that, together with June’s 93% sales/listings ratio, adds up to a strong sellers’ market. Graph 1: Owen Sound MLS® Sales 2019 vs. 2020 vs. 2021 (Volume) $120,000,000
$97,663,284
$100,000,000
$80,000,000
$60,000,000
$45,213,436
$48,462,855
$40,000,000
$20,000,000
$0
2019
2020
2021
Graph 2: Owen Sound MLS® Sales 2019 vs. 2020 vs. 2021 (Units) 250
207 200
150
151
144
100
50
0
2019
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
2020
2021
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THE MARKET IN DETAIL Table 1: Owen Sound MLS® Residential Sales And Listing Summary 2019 vs. 2020 vs. 2021
2019
2020
2021
2020-2021
$45,213,436
$48,462,855
$97,663,284
+102%
YTD Unit Sales
151
144
207
+44%
YTD New Listings
224
187
259
+39%
YTD Sales/Listings Ratio
67%
77%
80%
+3%
8
27
2
-93%
$30,539,236
$26,210,155
$63,824,684
+144%
Q2 U nit Sales
100
76
134
+76%
Q2 New Listings
138
101
154
+52%
Q2 Sales/Listings Ratio
72%
75%
87%
+12%
4
6
2
-67%
$305,392
$344,870
$476,304
+38%
YTD Sales: Under $200K
12
6
2
-67%
YTD Sales: $200K - $299K
74
54
13
-76%
YTD Sales: $300K - $399K
51
56
61
+9%
YTD Sales: $400K - $499K
10
19
51
+168%
YTD Sales: $500K - $599K
3
8
36
+350%
YTD Sales: $600K - $699K
1
0
31
+3100%
YTD Sales: $700K+
0
1
13
+1200%
40
35
16
-54%
$299,427
$336,548
$471,803
+40%
Year-To-Date (YTD) Volume Sales
YTD Expired Listings Second Quarter (Q2) Volume Sales
Q2 Expired Listings Q2 Average Sale Price
YTD Average Days-On-Market YTD Average Sale Price
NOTE: All MLS® sales data in this report comes from the Grey Bruce Owen Sound Association Of REALTORS® and refers specifically to residential sales as of July 3, 2021. While deemed to be reliable, Royal LePage Locations North assumes no responsibility for errors and omissions.
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
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THE MARKET IN DETAIL (cont’d) Just one look at Graphs 3 and 4 will tell you what kind of sales year Owen Sound is enjoying. Year-to-date volume of $97,663,284 is up 90% from 2017’s prior record. Similarly, Q2 saw three big record months, with total volume of $63,824,684 up 82% from Q2-2018’s previous high. On the units side, this year’s record 208 and Q2’s record 134 were up from 2017’s former benchmarks of 204 and 129 respectively. Also, despite all the overheated activity, there are four key Q2 metrics – its big 104% sale/list price ratio, its high 87% sales/listing ratio, its only 2 expired listings, and its only 1 month of inventory – which suggest that the Owen Sound market still has some serious legs. Not surprisingly, Owen Sound’s yearto-date, average sale price is also doing very well. At $471,803 it’s up 101%, 88%, 71%, 58% and 40% from that of 2016-2020 respectively. Graph 3: Owen Sound Monthly MLS® Sales 2019 vs. 2020 vs. 2021 (Volume) $30,000,000
2019 2020
$25,000,000
2021 $20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Graph 4: Owen Sound Monthly MLS® Sales 2019 vs. 2020 vs. 2021 (Units) 60
2019 2020
50
2021 40
30
20
10
0
Jan
Feb
Mar
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
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THE MARKET IN DETAIL (cont’d) As Graph 5 shows, 2021 unit sales are up from 2020 in five price ranges and down in two. The $300K-$399K, $400K$499K, $500K-$599K, $600K-$699K and $700K+ ranges are up 9%, 168%, 350%, 3100% and 1200% respectively. The Under-$200K and $200K-$299K ranges are down 67% and 76% respectively. More generally, the Under-$400K bracket – which accounts for 37% of 2021’s sales – is down 34% from a year ago. The $400K-$599K bracket – which accounts for 42% of all sales – is up 222%. And the $600K+ bracket – which accounts for 21% of all sales – is up 4300%. Graph 5: Owen Sound MLS® Sales By Price 2019 vs. 2020 vs. 2021 (Units) 80
2019 74
70
2020 2021
60
61 56
54
50
51
51
40
2019
30
0
2021
31
20 10
2020
36
19 13
12 6
10
2
Under $200K
$200K-$299K
$300K-$399K
$400K-$499K
13 3
8
$500K-$599K
1
0
$600K-$699K
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
0
1 $700K+
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SALES BY PROPERTY TYPE Graph 6: Owen Sound MLS® Sales By Property Type 2019 vs. 2020 vs. 2021 (Dollars and Units)
2021
2021 IN DETAIL 2021
2021
$6,039,400
$5,973,100
17
15
2021 SINGLE-FAMILY HOMES $6,039,400 DOLLAR SALES : $5,973,100
$85,650,784 UP 104% from 2020 UNIT SALES: 175 UP 42% from 2020
$85,650,784
175 Single Family
Single Family Condominium
2020 Townhouse $3,504,700
Condominium
2020
2020
Townhouse
$2,968,655
10
11
AV. DAYS-ON-MARKET: 16 DOWN 18 days from 2020 $85,650,784
AV. SALE PRICE: $489,433 UP 43% from 2020 Single Family Condominium
2020
Townhouse
TOWNHOUSES $2,968,655
$3,504,700
DOLLAR SALES : $6,039,400 UP 103% from 2020 UNIT SALES: 17 UP 70% from 2020
$41,989,500
Single Family
Single Family
Condominium
Condominium
2019
Townhouse
$4,507,300
123
2019
2019
Townhouse
$6,609,000
25
AV. DAYS-ON-MARKET: 16 $41,989,500 DOWN 23 days from 2020 AV. SALE PRICE: $355,259 Single Family UP 20% from 2020
2019
Condominium Townhouse
$6,609,000 CONDOMINIUMS
$4,507,300
DOLLAR SALES: $5,973,100 UP 70% from 2020
14
UNIT SALES: 15 UP 36% from 2020 $34,096,836
112
Single Family
Single Family
Condominium
Condominium
Single Family Townhouse
Condominium
Townhouse Townhouse
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
$34,096,836
AV. DAYS-ON-MARKET: 20 DOWN 23 days from 2020 Single Family
AV. SALE PRICE: $398,207 Condominium UP 25% from 2020 Townhouse www.locationsnorth.com
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OWEN SOUND AVERAGE SALE PRICES: 2010-2021 BIG GAINS GENERALLY AND ALSO RELATIVE TO INFLATION Owen Sound’s average sale price for single-family homes in Q2-2021 was $493,475: that’s up 31%, 49%, 76%, 92% and 149% from 2020, 2019, 2018, 2017 and 2010 respectively. Q2-2020’s average condominium price of $403,500 is up 26%, 31%, 39%, 44% and 113% from 2020, 2019, 2018, 2017 and 2010 respectively. From 2010-2014 Owen Sound’s average single-family home price increased at just below the inflation rate and then jumped to 106% above inflation from 2015 to Q2-2020. The condominium average sale price rose to 5% above inflation by 2014, dipped to 12% below inflation in 2015, and climbed to 76% above inflation in Q2-2021.
$500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Q2-2021
Single-Family Home Average Sale Price: 2010 > Q2-2021 Canada’s Inflation Rate Based On Owen Sound’s 2010 Single-Family Home Average Sale Price Condominium Average Sale Price: 2010 > Q2-2021 Canada’s Inflation Rate Based On Owen Sound’s 2010 Condominium Average Sale Price
OWEN SOUND MARKET REPORT: SECOND QUARTER 2021
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