Autumn has arrived, the hustle and bustle of the end of summer is over and now we can change our focus to our routines, the federal election and the coming holidays in the fall. As you are getting ready for Thanksgiving this weekend here is a recap of the Orangeville Real Estate Market Stats for you.
Month of September
When compared to a year ago there was slower sales activity in Orangeville with 46 transactions in September 2019 compared to 53 transactions in September 2018.
The average price of a resale home increased by 1.74% to $562,225 compared to $552,600 in September 2018.
There was a slight increase in the number of homes that came on to the market in September, 89 in 2019 vs 83 in 2018, however at the end of the month there were fewer home available for sale with 99 homes in 2019 vs 113 in 2018.
Year to Date
Through the first three quarters of 2019 we have seen resale home price in Orangeville increase by 3.58% to $559,222 in 2019 vs $539,912 in 2018.
Sales activity has seen an increase of 10.71% to 465 sales compared to 420 in the first nine months of 2018.
Homes are continuing to sell quickly in the Orangeville real estate market with the average days on market of 24 days, compared to 25 in the same period last year.
At the end of September there were 99 homes for sale which represents approximately two months of inventory on the market, which would indicate this is a seller’s market.
What Does All This Mean?
If you are selling your home:
Prices have continued to rise and inventory is low however buyers have remained disciplined when it comes to price and are not overpaying for homes. Competition continues to be fierce among sellers due to the relatively low number of transactions.
If you are selling your home you must be thoughtful about pricing your home competitively as over priced homes will sit longer then the average days on market or may not sell at all. You also need to be conscious of the condition of your home, this is where staging will make a difference to sell your home faster.
Despite stats pointing to a seller’s market buyers remain very sensitive to pricing and have proven to be selective when making buying decisions.
If you are buying a home:
There is a lot of competition for town homes, particularly in newer developments. Generally the domain of first time home buyers we are seeing an increasing number of buyers looking at this as an option for downsizing and as such have seen an increase in the prices for these homes in our market.
There are opportunities. First time buyers should consider looking at older semi-detached homes as they have not seen the rise in prices that townhomes have recently. Due to the age of the homes, often times these homes require more updating then some of the more recently built homes creating a gap in prices.
There are great opportunities for both buyer and sellers in the real estate market, with low inventory, and increase this year in the number of transactions prices should continue to move higher. If you would like to discuss how the current market trends affect your personal situation please feel free to send me a message any time.
Have a great day!
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