It’s a new year and we have a very similar real estate market in Orangeville. We continue to experience extremely low inventory of homes available for sale as the demand has remained very high causing prices to rise again in January.
Month of January
For the first time ever the average sales price of a home in Orangeville has topped $1,000,000 in a month. In January we saw a continuation of the trends that dominated 2021 with low inventory, multiple offers on homes for sale, and higher prices.
In the month of January, there were 45 homes listed for sale in Orangeville, this is a 9.8% increase from the 41 homes that were listed in January 2021.
There were 39 homes that sold in the month of January an increase of 18.2% over the 33 homes that sold in January last year.
With 45 new listings and 39 sales in the month of January, the Sales to New Listings Ratio (SNLR) for the month was 86.7%. This is an indicator of the amount of demand there is in the Orangeville real estate market. If the SNLR is over 60% are experiencing a seller's market, between 40% - 60% the market is considered to be balanced and if the figure is lower than 40% we are in a buyers market.
The Average Sales Price for the month of January was $1,023,219 this represents a 36.2% increase from the $751,291 average in the month of January 2021. This represents the first time that the average sales price has topped one million dollars in Orangeville.
The Sales Price to List Price Ratio for the month of January was 114% this is above where this figure has been over the last number of months and is another indication of the high demand for houses in Orangeville and that sellers are receiving multiple offers for their homes.
The Average Days on Market for the month of January 2022 was 8 this is in line with where this figure had been for much of 2021 as homes that are coming up for sale are selling quickly in the is market.
At the end of January, there were 9 homes available for sale in Orangeville, this is a 47.1% decrease from the 17 homes that were available at the same time last year.
With only 9 homes available for sale and 39 sales in the month, this represents 0.2 months of inventory in Orangeville at the end of January. This means that is no new listings were to come on the market there would be no homes available in less than one week.
What Does All This Mean
Demand for homes in Orangeville continues to be extremely high and over the last two months there has been increased competition for homes and many of the homes that are coming to the market are selling very fast and in multiple offers.
If you are thinking of selling your home, it continues to be a great time to sell and unlock the equity you have built up in your home over the last number of years. With interest rates set to rise over the course of this year, right now might be the best time to make the decision to sell.
For buyers, this continues to be a challenging market to find the right home and be able to purchase that home. If you are looking to buy I would recommend speaking to a mortgage professional about determining how much of a mortgage you can qualify for and if you can get a commitment on rates from a lender before rates begin to rise. As I have been saying, if you are trying to buy in this market you need to be prepared to act fast when the right opportunity comes up.
If you would like to know more about what is going on in the Orangeville real estate market or if you would like to know how all of this information impacts your situation, please reach out any time or book a time in my calendar in the link below.
Link to my calendar: https://calendly.com/brianrooneyrealestate
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