The Orangeville real estate market saw an increase in sales and listing activity in January 2024 both figures were in line with the 10-year average and both saw a 33% increase from January 2023. Despite the increase in volumes the average sales price of a home in Orangeville was down almost 8% when compared to January 2023 but was just over 2% higher than the average price in December 2023.
Overall, with 28 sales during January and 51 active listings at the end of the month, there remains only 1.8 months of inventory in Orangeville at the end of January.
The Orangeville real estate market is in transition right now, buyers and sellers appear to be waiting for spring to decide what the next move is, and everyone is looking to the Bank of Canada for a decision on interest rates.
With interest rates and home prices where they are currently, there are some challenges with affordability, however, there remains a low number of active listings which has kept prices near the current levels.
I expect to see the number of homes available for sale to increase over the next month or two in preparation for the spring market.
Look for sales volume to be stronger than in 2023 but still below the 10-year average as we move through 2024.
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