Orangeville Real Estate Market Stats - October 2023

In the month of October there continued to be a below-average number of sales in the Orangeville real estate market. Over the last two months, the number of sales has declined to the lowest levels in the last 20 years. On the other hand, the number of new listings in the last two months has returned to seasonal averages for this time of year. The result has been an increase in the number of homes available for sale.

Currently looking at the months of inventory at 4.5 months and the sales to new listings ratio of 29.73% this would indicate that the Orangeville real estate market is currently somewhere between a balanced market and a buyer’s market.

The average sales price has increased slightly from October 2022 and is about the same as it was in September. Overall prices have softened from earlier this year but remain fairly strong given the interest rate environment we are currently in.

What’s going on in the market?

Interest rates are having an impact on the demand for homes in Orangeville as buyers continue to have concerns about higher borrowing costs at current prices. Prices have remained more resilient than I expected in the face of higher interest rates, this points to the overall lack of housing supply in the market and increases in rents in the rental market. Moving forward I would expect price to soften over the winter due to the higher interest rate environment we are in combined with slower seasonal sales volumes.

There have been more sales of homes in the entry-level price point and homes that are updated and require less work continue to sell faster than homes that require improvements. If you are considering selling your home remember that pricing is especially important in this type of market as buyers are more price sensitive with increased borrowing costs.