That was one crazy year, and looking back on 2020 with the exception of about 3 months the real estate market in Orangeville was on fire last year. Let’s take a look at what happened in December and see how we ended the year.
The Month of December
December tends to be a quiet month for new listings and this year was no exception there were 17 homes listed for sale in December which is one less than the 18 listed in December last year.
There were 21 sales in the month of December, this was down 19.23% from the 26 sales in December 2019. This decrease was caused by the lack of inventory more than a decrease in demand.
The average sales price in December 2020 was $770,707 this is a 31.53% increase compared to December 2019 ($585,967). While prices did rise this giant leap in prices is in large part due to the low volume of sales and the types of homes that sold in the month of December.
The list price to sales price ratio continues to be 101% which is an indication of the high demand for houses in Orangeville.
The average days on market in December was 24 which is higher than the year-to-date figure but lower than the average days on market from December 2019.
At the end of the year, there were 10 homes available for sale, compared to 26 at the end of 2019. This is a 61.54% decrease and of the 10 properties for sale four are condos that have not yet been built and 4 properties are development lots.
Year-To-Date December 2020
Looking at the full year Orangeville real estate stats, there were 733 homes listed as compared to 851 homes in 2019, this is a 13.87% decrease.
The number of sales in 2020 was slightly higher in 2020 as compared to 2019, with 621 sales in 2020 compared to 613 in 2019 an increase of 1.31%
The average sales price of a resale home in Orangeville was $641,211 in 2020 which represents a 13.61% increase, from the average price of $564,384 in 2019.
What Does All This Mean?
Looking back at the Orangeville real estate market in 2020 there were some ups and downs and we are doing business in ways that we never imagined before. Overall if you owned real estate 2020 was a good year for your investment, property values in our area increased more than expected over the last 12 months. With a limited supply of homes available for sale and demand for homes not looking to slow down house prices in Orangeville should continue to rise in 2021.
If you are looking to buy a house, there aren’t a lot of options to choose from and when they are available homes are often selling in multiple offers and over the asking price. Facing this reality buyers can do a couple of things, first, you need to know your finances, get pre-approved for a mortgage, and set your budget for a home. Second buyers need to realize that the asking price of a home is not necessarily the realistic selling price for the home, when there are multiple offers the asking price often becomes the starting point. When you are looking for a home to buy you may need to set your sights a little lower and select properties that are listed for less than what you have budgeted to give you a chance to purchase the property if there are multiple offers on the home.
If you have been thinking that you would like to take advantage of the rising prices in the Orangeville real estate market now would be a great time to offer your home for sale. With that said there are many concerns around selling your home during the current COVID-19 environment. While there is no way to completely protect your home from a COVID exposure during showings, as agents we do require all people that are attending in person showings to answer screening questions, wear masks, sanitize hands, and/or wear gloves while in your home, we are also asking that homeowners leave lights on and interior doors open before showings so that we can minimize the amount of touching that is taking place during each showing all to help prevent the spread of COVID-19.
If you would like to know what your home might be worth in this market, how I can help get your home sold for top dollar, or how I am helping buyers purchase their next home in this market please reach out and we can discuss these in more detail.
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