Another month is in the books for 2022 and our local market remains hot. Both listing and sales activity is similar to the same period last year, and we continue to see the average sales price rise.
Month of February
In February there were 76 homes listed for sale this is one fewer home listed for sale compared to the 77 homes listed in February 2021.
55 homes sold in the month of February, this is a decrease of 9.8% from the 51 homes sold in the same month last year.
The Sales to New Listings Ratio (SNLR) for the month of February was 72.4%, which is lower than January’s figure but still a strong indication of the seller's market we are experiencing in Orangeville.
The Average Sales Price once again topped $1 million with the average for the month at $1,049,670 a 36.2% increase over the average of $770,476 in the month of February 2021, and an 8.5% increase from the average sales price in December.
The Sales Price to List Price ratio in February was 121%, this is an indication of how aggressive buyers have been in Orangeville, with homes selling in multiple offers.
The Average Days on Market continues to be very low at 5 days in February, this continues to be a trend that we have been experiencing over the last 12 – 18 months.
At the end of the month, there were 24 homes available for sale a decrease of 14.3% from the 28 homes available at the end of February 2021. There continues to be historically low inventory in the Orangeville real estate market.
With 24 homes available for sale and 55 sales during the month of February, this indicates there are 0.4 months of inventory available at the end of February 2022.
Year-to-Date – February 2022
Through the first two months of 2022, there have been 121 homes listed for sale, an increase of 2.5% over the 118 homes listed in the same period of 2021.
There have been 94 homes sold so far in 2022, the exact same number as the same timeframe one year ago.
Based on the 94 sales and the 121 homes listed for sale the Sales to New Listings Ratio year-to-date is 77.7%.
The average sales price so far in 2022 is $1,038.695 an increase of 36.0% over the average of $763,741 from the same period in 2022.
So far in 2022 the average Sales Price to List Price ratio is higher than levels we have seen last year with the average home selling at 118% of list price.
The Average Days on Market so far in 2022 is 10 days this is similar to what has been experienced for much of the last year.
What Does All This Mean?
February was another very active month in the Orangeville real estate market. Some additional inventory has come onto the market heading into March but this is to be expected as buyers and sellers get ready for the spring real estate market. Where we are right now in early March there are some signs of the market cooling but it remains a very strong seller's market and I do not see that changing very fast.
If you are looking to buy a home the good news is in early March we have seen some signs of the craziness slowing with some homes not selling on their selected offer date and homes receiving fewer offers when in competition. However, we are still in a very strong seller's market and there continues to be a lot of competition for homes that are priced well and are move-in ready. The average sales price continued to climb in February and buyers need to be ready to continue to be ready to act when the right home becomes available.
If you have been thinking about cashing in on the hot real estate market by selling your home, it is still a great time to do so. There are still many active buyers in the market ready to purchase properties. With that said over the last week or two, I have noticed that buyers are increasingly sensitive to pricing, with homes that are overpriced sitting on the market with fewer showings and no offers. As a seller, you need to bring your home onto the market with a solid marketing and pricing plan to achieve the best results.
If you would like to know what all of this information means for you and your specific situation click the link below and schedule a call with me. I would love to chat about what is going on in the market and how it may impact you.
Book a call with me: https://calendly.com/brianrooneyrealestate
Post a comment