For much of the year there was increased activity in the Orangeville real estate market, however, December was a slow month for listings and sales activity. The current dynamics in the local real estate market combined with continued low interest rates should push prices for resale homes higher in Orangeville going into 2020. Here is a look at the Orangeville real estate market stats for December.
Month of December
The recent trend of a slow down in the number of homes coming on the market continued in December with 18 homes listed which is a decrease of 47.06% from the 34 homes listed in December 2018.
There were 26 sales in the month of December 2019 compared to 37 in December 2018. This represents a decrease of 29.73%.
The average sales price of a resale home in Orangeville in December was $585,967, this is an increase of 11.71% when compared to the average of $524,545 in December 2018.
As of the end of the month, there were 26 active listings in Orangeville which represents a 48.00% decrease from the 50 active listings at the end of December 2018.
Year to Date
Looking back on 2019 there was a return to a more normal number of sales with 613 homes sold compared to 545 in 2018 an increase of 12.48%.
Much like the past five years the average days on market in Orangeville continues to be relatively low with homes selling in 26 days on average. This compares to 27 average days on market in 2018.
The average sales price of a resale home in Orangeville in 2019 was $564,384 which is a 4.24% increase from $541,420 in 2018.
What Does All This Mean?
December is normally a quiet month for real estate activity and this December was no exception. While I don’t want to read to much into the current inventory levels, the last few months of 2019 were characterized by lower than normal inventory and if this trend continues into 2020 it will put some upward pressure on resale home prices. If you are considering making a move in 2020 there is an opportunity to take advantage of the limited options for buyers currently available on the market.
If you are currently looking to buy a resale home in Orangeville there are limited options, and given current trends, we should see continued appreciation in property values in 2020. The best advice for buyers is to have your financing in order and be prepared to act quickly when you find the right home for you because with limited inventory the home you like might not be available tomorrow.
If you would like to know how these market stats affect you and your situation, I would love the opportunity to get together to discuss this in more detail.
Have a great day!
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