The April stats for the Orangeville Real Estate Market are in and as expected there have been some trends that were showing up at the end of March that showed themselves in April. The number of active listings has increased significantly and the average sales price, while still higher than a year ago is down from the peak in February. Let’s take a look at the numbers.
The Month of April 2022
In April there were 118 homes listed for sale this is a 34.1% increase from the 88 homes listed for sale in 2021. This makes April 2022 one of the more active April’s for new listings that we have had in Orangeville.
64 homes sold in the month of April 2022, down 22.9% from the 83 sales that took place in April 2021.
With 64 sales and 118 new listings, there was a Sales to New Listings Ratio of 54.2% in the month of April. This is similar to the number in March and is pointing toward a more balanced market in Orangeville real estate between Buyers and Sellers.
The Average Sales Price in the month of April was $938,711 an increase of 19.4% from the average of $786,219 one year ago in April 2021. The Average Sales Price in April while higher when compared to one year ago is lower than the highs experienced in February by 10.6%.
The Average Sales Price to List Price Ratio is 104% this still indicates strong buyer demand for homes but is down from the spread experienced earlier this year.
The Average Days on Market for homes that sold in April was 9 days this number continues to be short and in the range, we have experienced for much of the last 12-24 months.
At the end of the month, there were 66 active listings, an 85.6% increase from the 35 active listings at the end of April 2021. The growing inventory is a sign of the market shifting from the highs of earlier this year.
With 66 homes available for sale at the end of the month at 64 sales during April, this indicates there is currently 1 month of inventory available in the Orangeville real estate market. While housing inventory has increased significantly over the last month it continues to be low in a historical sense and the Orangeville real estate market continues to be a Seller’s market.
Year-to-Date – April 2022
There were 379 homes listed for sale through the first four months of the year this is a 7.7% increase from the 352 homes listed for sale over the same period in 2021.
Between January and April, there were 232 homes sold this is a decrease of 20.3% from the 291 sales that occurred in the first four months of 2021.
With 232 sales and 379 new listings, the Sales to New Listing Ratio for the first four months of 2022 was 61.2%, this figure has been declining over the last two months as the Orangeville real estate market is shifting to become more balanced.
Year-to-date the average sales price in Orangeville is $1,003,876 which is 27.4% higher than it was over the same period in 2021 when the average sales price was $787,702. The year-to-date average sales price, while much higher than one year ago, has declined over the last two months as buyer demand has slowed.
The year-to-date Sales Price to List Price Ratio was 112% at the end of April, this figure is very high and has decreased over the last couple of months since the pace of sales has slowed.
On average it has taken homes 7 days to sell over the first four months of 2022, this continues to be a very low number which I would expect to rise over the next few months is the current trends continue.
What Does All This Mean?
As expected, the April 2022 stats have confirmed some of the changes that have taken place in the Orangeville Real Estate Market over the last month and a half. The increases in the mortgage rates have slowed buyer demand for homes in Orangeville and as more homes come onto the market the rate of sales has slowed down creating more inventory. With that said, inventory is still low from a historical perspective, and there continues to be demand for homes, just not at the same rate as earlier this year. The next couple of months will be telling with regard to the impacts that inflation and higher interest rates will have on buyer demand and housing prices.
If you have been looking to buy a home, this is the opportunity many have been waiting for. Increased inventory means there will be more options when you are looking to purchase a home and you will likely see less competition for homes that are for sale. With that said the market right now has been very confusing when it comes to pricing and it has been a challenge to determine what pricing strategies some agents are using and what the sellers’ expectations are.
If you have been thinking about taking advantage of the recent strength in the real estate market by selling your home, you need to realize that we are in a changing market and that the astronomical prices that we saw homes sell for in January and February will likely not to be achievable right now. If you are looking to sell your home right now, you need to be sure to work with an agent that has a solid pricing and marketing strategy that will help you achieve the results you want from the sale. Buyers have choices now so you need to do everything you can to make your home stand out from the rest of the homes for sale.
If you would like to chat about what is going on in the Orangeville Real Estate Market or if you would like to know more about how these stats impact your specific situation feel free to contact me or book a call with me using the link below.
https://calendly.com/brianrooneyrealestate
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