Orangeville Real Estate Market Stats – October 2019

After a slow down in sales activity in September, October was the busiest October in terms of transactions there has been in a long time. It will be interesting to see if this is the start of increased sales activity in the Orangeville market or just making up for the slower activity in the month of September.

Month of October

The month of October saw much higher activity in the real estate market as compared to last year with a 30.36% increase in the number of homes listed, 73 vs 56 in 2018, and a 45.61% increase in the number of sales, 83 vs 57 in 2018. The 83 sales were the highest number in sales for the month of October in Orangeville dating back more than 10 years.

At the end of the month, there were 63 active listings which represents a 24.10% decrease in inventory as compared to a year ago leaving approximately one month of inventory available on the market.

The Average Sales Price in the month was $579,932 compared to $561,295 in 2018 which represents a 3.32% increase.

Year to Date

Through the first 10 months of the year, the average resale home price has increased by 3.67% to $562,358 vs $542,467 for the same period in 2018.

Sales activity has continued to increase, with 548 homes sold so far in 2019 vs 477 for the same period in 2018 which is a 14.88% increase in activity.

The Average Days on Market remains in a similar range as it has for most of the year at 24 days compared to 26 for the same period of last year.

What Does All This Mean?

If you are selling your home:

Sales activity picked back up in October leaving a small number of active listings available at the end of the month. This presents an opportunity to have your home on the market with not as much competition for buyers' attention. It will be interesting to see if the increase in sales activity that was experienced in October will continue through the end of the year or was just an adjustment due to the slower activity experienced in September.

As always you need to be thoughtful about pricing your home competitively, but make no mistake about it this is a sellers market right now and the combination of low inventory, low interest rates, and increased activity make it a great time to sell your home.

If you are buying a home:

Under the current market conditions, you need to be ready to act if you are looking to buy a home in this type of market. Homes are coming on to the market and selling very quickly and if the inventory of homes available continues to shrink the competition will continue to increase as will prices in our market.

If you are buying now it is important that you have your financing in order and you have met with a lender and been pre-approved for a mortgage before you start looking, this will give you the ability to act quickly when the right home comes available.

There are great opportunities for both buyers and sellers in the real estate market, with low inventory, and an increase in the number of transaction 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.

Have a great day!