The Orangeville real estate market stats for February are here and there was a continuation of what we saw in January. The number of sales increased 30% over February 2023 but remains well below the 10-year average for February. New listings saw a jump over last February but remain close to the 10-year average. The sales to new listings ratio at the end of February was 57%, this points to a balanced market.
The number of homes available for sale continues to be low with only 50 homes available for sale at the end of the month. The low inventory of homes for sale has left the Orangeville real estate market with 1.5 months of inventory at the end of the month indicating a Seller’s market.
As expected the number of sales in Orangeville continues to show sizable gains year over year but they continue to be low when compared to the 10-year average. This trend will be tested this spring with no relief from the Bank of Canada on interest rates and relatively strong comparable sales numbers from the spring of 2023.
The average sales price continued to trend slightly down from the same period last year but increased month over month from January to February 2024. I do expect prices to continue to remain relatively flat this year depending on what happens with the economy and interest rates.
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